Placing, Issue of Equity and Grant of Warrants

Magnolia Petroleum Plc is pleased to announce that it has raised £225,000 via the issue of 225,000,000 new ordinary shares (the ‘Placing Shares’) in the Company, at a price of 0.1 pence per share (the ‘Placing’), and the grant of 225,000,000 warrants, exercisable for two years at a price of 0.15p per share. The Placing was completed through the Company’s broker Cornhill Capital Limited.  The proceeds of the Placing will be used to fund current drilling commitments on its acreage in proven US onshore hydrocarbon formations, such as the Woodford and Mississippi Lime in Oklahoma.

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