Magnolia Petroleum plc, the AIM quoted US onshore focused oil and gas exploration and production company, is pleased to announce that the Helgeson 41-30H well ('Helgeson' or 'the Well'), a horizontal well operated by Marathon Oil ('Marathon') targeting the proven Bakken formation, North Dakota, commenced drilling on 4 February 2013. Magnolia holds a 5.428% working interest and a 4.071% net revenue interest in Helgeson. As announced on 24 January 2013, the estimated total cost of the Well is US$8,562,000 of which Magnolia's share is US$464,745.
Other Well Updates
The Company has also been informed by the relevant operators of a change in status in the following wells in which it participates:
Rita Whittington, COO of Magnolia, said, "We are pleased to announce additional drilling alongside leading operators such as Marathon Oil and Statoil. This drilling activity is a continuation of the momentum created last year when we significantly increased our acreage and the number of potential drilling locations in proven US onshore formations. As these and other wells come into production, we should see further increases in revenue and cash flow and we look forward to providing updates in our final results and the recently commissioned Reserves Report."
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