Chesapeake in Oklahoma farm-down

Scanpix/AP

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Eoin O'Cinneide

 03 July 2012 07:08 GMT

Magnolia Petroleum takes two stakes in onshore US wells and another from Newfield

Chesapeake Energy has farmed out small interests in two Oklahoma plays to Magnolia Petroleum.

The latter has also taken a minuscule stake in a third play in the region from operator Newfield Exploration.

Chesapeake is handing AIM-listed Magnolia a 4.2% slice in the Brandt 31-28-12 1H well which is targeting the Mississippi Lime formation.

Also targeting that formation is the Otis 2-27-12 1H well in which Magnolia has taken another 4.2% stake from Chesapeake.

US-focused explorer Magnolia has also snapped up a 0.07% interest in Newfield’s Campbell 1-H well targeting the Woodfield formation in Oklahoma.

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