Magnolia Petroleum commences a 10 well drilling programme, as announced on 2 October 2015, targeting the proven Woodford formation in the prolific South-Central Oklahoma Oil Province play in Oklahoma, where an estimated total of 3.2 billion barrels of conventional oil have been recovered from 60 reservoirs. Magnolia has a 0.525% working interest in each of the 10 new wells, which are operated by Continental Resources.
Drilling has commenced on the Sympson 10-6H Well, the first of five wells which are to be drilled in November 2015. The remaining five wells of the programme will be drilled by March 2016, with one well in January 2016, a further three in February 2016 and the last in March 2016.
The 10 new wells are targeting gas in the Woodford formation, the primary source rock for conventional hydrocarbon reservoirs in the SCOOP where Continental has had considerable success. All 10 wells are lower risk increased density wells located in two sections, which maximise the recovery of reserves on leases that are held by production.