Magnolia Petroleum Plc (AIM: MAGP) provides an update on the company’s commercial activities in proven US onshore formations including the Bakken/Three Forks Sanish in North Dakota, and the Mississippi Lime and Woodford/Hunton formations in Oklahoma.

Participation In New Wells

Magnolia is participating in a further two wells, each with an estimated total cost of some US $8.7 million of which Magnolia’s share is US $464,745 ($929,490 in aggregate). The Gustafson 31-30H and Helgeson 41-30H wells will target the Bakken formation in North Dakota and are being operated by Marathon Oil. ...