Magnolia Petroleum Plc Issue of Equity
August 04 2016 - 1:00AM
UK Regulatory
TIDMMAGP
Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas
4 August 2016
Magnolia Petroleum Plc ('Magnolia' or 'the Company')
Issue of Equity
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
250,000 via the issue of 250,000,000 new ordinary shares (the 'Placing Shares')
in the Company at a price of 0.1 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 fund current drilling commitments on
its acreage in proven US onshore hydrocarbon formations, such as the Woodford
and Mississippi Lime in Oklahoma.
Rita Whittington, COO of Magnolia Petroleum, said, "We continue to be
encouraged by the number of wells currently drilling and/or completing on our
leases, and the funds raised will enable Magnolia to maintain its participation
in future drilling activity where it makes commercial sense to do so. Subject
to the results, this new drilling activity fits with our strategy to improve
our portfolio of wells, and in the process increase profitability at current
oil prices. We are focused on ensuring we emerge from the current downturn
with a high quality, asset backed, cash flow generative platform so that we are
able to take advantage of opportunities that present themselves when the cycle
picks up."
Admission and dealings
The Placing Shares will rank pari passu in all respects with the Company's
existing issued ordinary shares and will be equivalent to 16.38% 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 9 August 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 1,526,458,563 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 1,526,458,563. 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.
* * 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 +44207 1487900
LLP
Colin Rowbury Cornhill Capital Limited +44207710 9610
Lottie Brocklehurst St Brides Partners Ltd +44207236 1177
Frank Buhagiar St Brides Partners +44207236 1177
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 146
Being drilled / completed 12
Elected to participate / waiting to 18
spud
TOTAL 176
END
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