New Leases Acquired as part of $18.5M Agreement

Magnolia Petroleum plc, the AIM quoted US focused oil and gas exploration and production company, is pleased to provide an update on the ongoing investment of the first US$500,000 tranche of capital it has received as part of its exclusive US$18.5 million capital management agreement with Western Energy Development LLC (‘WED’).  Under the terms of the agreement with WED, Magnolia invests each US$500,000 tranche of capital into oil and gas properties in Oklahoma that qualify under the US Immigrant Investor Programme in return for fees and equity in new wells and leases.

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