Magnolia Petroleum Plc Placing, Issue of Equity and Grant of Warrants
27 October 2016 - 5:00PM
UK Regulatory
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 +4420 7213 0880
LLP
Colin Rowbury Cornhill Capital Limited +4420 7710 9610
Lottie Brocklehurst St Brides Partners Ltd +4420 7236 1177
Frank Buhagiar St Brides Partners +4420 7236 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 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)
Magnolia Pet (LSE:MAGP)
Historical Stock Chart
From Apr 2024 to May 2024
Magnolia Pet (LSE:MAGP)
Historical Stock Chart
From May 2023 to May 2024
Real-Time news about Magnolia Pet (London Stock Exchange): 0 recent articles
More Magnolia Pet News Articles