Magnolia Petroleum Plc Placing, Issue of Equity and Grant of Warrants

 
TIDMMAGP 
 
Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 
 
27 October 2016 
 
             Magnolia Petroleum Plc ('Magnolia' or 'the Company') 
 
                Placing, Issue of Equity and Grant of Warrants 
 
Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gas 
exploration and production company, is pleased to announce that it has raised GBP 
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. 
 
Issue of Equity 
 
The Placing Shares will rank pari passu in all respects with the Company's 
existing issued ordinary shares and will be equivalent to 12.8 per cent of the 
enlarged issued share capital. Application has been made for the admission of 
the Placing Shares to trading on AIM and it is expected that admission will 
occur and that dealings will commence at 8.00 a.m. on or around 1 November 
2016. The Placing is conditional, inter alia, on Admission becoming effective. 
 
For the purposes of the Financial Conduct Authority's Disclosure and 
Transparency Rules, the Company announces that following the issue of the 
Placing Shares, the Company will have 1,751,458,563 Ordinary Shares in issue 
('Enlarged Share Capital'). 
 
The Company has no Ordinary Shares held in treasury. The total number of voting 
rights in the Company will therefore be 1,751,458,563. This figure may be used 
by shareholders in the Company as the denominator for the calculations by which 
they will determine if they are required to notify their interest in, or a 
change in their interest in, the share capital of the Company under the FCA's 
Disclosure and Transparency Rules. 
 
The information contained within this announcement constitutes inside 
information stipulated under the Market Abuse Regulation (EU) No. 596/2014. 
 
                                 * * ENDS * * 
 
For further information on Magnolia Petroleum Plc visit http:// 
www.magnoliapetroleum.com/ or contact the following: 
 
Steven Snead               Magnolia Petroleum Plc       +01918449 8750 
 
Rita Whittington           Magnolia Petroleum Plc       +01918449 8750 
 
Jo Turner / James Caithie  Cairn Financial Advisers     [phone] 
                           LLP 
 
Colin Rowbury              Cornhill Capital Limited     [phone] 
 
Lottie Brocklehurst        St Brides Partners Ltd       [phone] 
 
Frank Buhagiar             St Brides Partners           [phone] 
                           Ltd 
 
Notes 
 
Magnolia Petroleum Plc is an AIM quoted, US focused, oil and gas exploration 
and production company.  Its portfolio includes interests in 146 producing and 
non-producing assets, primarily located in the highly productive Bakken/Three 
Forks Sanish hydrocarbon formations in North Dakota as well as the oil rich 
Mississippi Lime and the substantial and proven Woodford and Hunton formations 
in Oklahoma. 
 
Summary of Wells 
 
Category                                                Number of wells 
 
Producing                                                           151 
 
Being drilled / completed                                            14 
 
Elected to participate / waiting to                                  10 
spud 
 
TOTAL                                                               175 
 
 
 
END 
 

(END) Dow Jones Newswires

October 27, 2016 02:00 ET (06:00 GMT)