Magnolia Petroleum (LON:MAGP) has told investors that production has begun on a new well in Oklahoma
The Robison 4-1MWH well had a gross initial production rate (IPR) of 777 barrels of oil equivalent per day (boepd), which give Magnolia 2.28 boepd net for its 0.293% interest in the well.
Two more wells have now been drilled successfully. Drilling of another well is currently being completed, and on a fourth well drilling is still ongoing.
Magnolia also revealed it has increased its stake in the Yani 1-31H to a 3.557% working interest (or 2.734% net revenue interest) from 2.213% (1.66%).
Chief operating officer Rita Whittington said: “Our interest in the Robison well is small but following strong initial production rates for other Woodford wells in which we have participated, such as the 1,170 boepd for JoAnn 1H-18, Robison further demonstrates the potential of our other wells targeting this formation, including the Parmley.
"Thanks to our participation in wells with larger interests such as the Parmley1-1 WH, Magnolia's average interest in 180 wells in proven US onshore formations now stands at over 3%, having been approximately 0.6% at the time of our AIM Admission in November 2011.
"In all, we are currently participating in 46 wells that are at various stages of development alongside established operators such as Devon Energy in proven formations such as the Mississippi Lime.
“I look forward to providing further updates on our progress in due course, as we look to prove up the reserves on our leases through drilling and generate value for all our shareholders."