US-onshore focused exploration firm Magnolia Petroleum is predicting strong growth across its portfolio following an increase in drilling activity.
The firm says it has received a large number of proposals from operators – including Devon Energy, Newfield Exploration, Chesapeak Energy and Kodiak Exploration – to drill increased density or infill wells across its portfolio of producing leases.
This includes the US onshore formations – Bakken, North Dakota, Mississippi Lime and Oklahoma.
“With production already established on the relevant leases, increased density wells are very much the low hanging fruit by which US onshore operators can rapidly increase production, maximise recovery rates on individual spacing units, and upgrade reserves to the proven developed producing category,” said Magnolia chief Rita Whittington.
She said she expected the pick-up in the number of increased density wells to continue to grow.
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