Issue of Equity

Magnolia Petroleum Plc, the AIM quoted US onshore focussed oil and gas exploration and production company, is pleased to announce that it has raised £300,000 via the issue of 214,285,714 new ordinary shares (the ‘Placing Shares’) in the Company at a price of 0.14 pence per share (the ‘Placing’). The Placing was completed through the Company’s broker Cornhill Capital Limited. The proceeds of the Placing will be used to reduce the Company’s net debt position.

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