Magnolia Petroleum Plc / Index: AIM /
Epic: MAGP / Sector: Oil & Gas
27 July 2017
Magnolia Petroleum
Plc (‘Magnolia’ or ‘the Company’)
Board Changes
Magnolia Petroleum Plc, the AIM quoted US focused oil and gas
exploration and production company, announces that interim
non-executive Chairman Ron Harwood
is retiring from the Board with immediate effect.
Leonard Wallace, an existing
non-executive Director of Magnolia, will assume the position of
Chairman of the Company on an interim basis until a permanent
replacement has been appointed. Mr Wallace joined the Board
of Magnolia as a Non-Executive Director in May 2016. He is an
experienced management professional specialising in drilling
engineering, well construction, production management and rig
operation with many years’ experience within the oil and gas
exploration and production industry, particularly the US onshore
sector.
Magnolia CEO, Rita Whittington
said, “I would like to take this opportunity to thank Ron for the
huge contribution he has made to the development of Magnolia since
its inception. Ron was not only instrumental in bringing the
Company to AIM, but the experience and contacts he has built up
within our industry during his long and distinguished career in the
US oil and gas sector have been invaluable to the Company.
“Ron has always shown 100% commitment to Magnolia, none more so
than over the last few months. Despite notifying the Board of
his intention to retire earlier this year, he chose to remain in
his position until the future direction of the Company had been
assured. Thanks to the US$18.5million capital management contract with
Western Energy Development LLC, this has now been
achieved. Over the years we have become friends as well
as colleagues and I, along with the rest of the Board, wish him all
the very best for future.”
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
www.magnoliapetroleum.com or contact the following:
| Rita Whittington |
Magnolia Petroleum Plc |
+01918449 8750 |
| Jo Turner / James
Caithie |
Cairn Financial Advisers
LLP |
+44207213 0880 |
| Colin Rowbury |
Cornhill Capital Limited |
+44207710 9610 |
| Lottie
Brocklehurst |
St Brides Partners Ltd |
+44207236 1177 |
| Frank Buhagiar |
St Brides Partners
Ltd |
+44207236
1177 |