Commencement of 10 Well Drilling

Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gas exploration and production company, is pleased to announce the commencement of a 10 well
drilling programme, as announced on 2 October 2015, targeting the proven Woodford formation in the prolific South-Central Oklahoma Oil Province (‘SCOOP’) 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 (‘Continental’).

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