By Alex MacDonald
LONDON--Shares in U.S. focused oil and gas company Magnolia
Petroleum PLC (MAGP.LN) fell 5% Thursday after the company
announced the initial flow rate from a well in the Mississippi lime
formation in Oklahoma.
The well, known as the Cummings 2H, had an initial flow rate of
333 barrels of oil equivalent per day. This compares with another
well -- the Cummings 31-28-12-1H 2H well, drilled in the same area,
which had an initial flow rate of 525 boepd.
Magnolia owns 3.34% of the Cummings 2H well, which is operated
by Chesapeake Energy Corp. (CHK).
Magnolia Petroleum's shares fell to 1.34 pence a share. The
shares are down 44% since the beginning of the year, giving it a
market capitalization of GBP12.8 million, or $20.8 million.
-Write to Alex MacDonald at alex.macdonald@wsj.com
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