Proposed Disposal of North Dakota Assets

Magnolia Petroleum plc, the US focused oil and gas exploration and production company announces it has signed a non-binding agreement with a third party for the sale of all its wells in which it has varying interests in North Dakota (together ‘the North Dakota Assets’), being approximately 31 wells, for a total consideration of US$1.5 million (‘the Proposed Disposal’).  In addition, the Company announces the sale of its 100% interest in the Roger Swartz #1 well in Oklahoma for approximately US$30,000.

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