24th Jan 2013 15:22
MAGNOLIA PETROLEUM PLC - Appointment of Chief Financial OfficerMAGNOLIA PETROLEUM PLC - Appointment of Chief Financial Officer
PR Newswire
London, January 24
Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas
24 January 2013
Magnolia Petroleum Plc(`Magnolia' or `the Company') Appointment of Chief Financial OfficerMagnolia Petroleum Plc, the AIM quoted US onshore oil and gas exploration andproduction company, is pleased to announce that it has appointed Oliver Rigbyas the Company's Chief Financial Officer (`the Appointment').
Oliver is a qualified chartered accountant with extensive experience as acorporate financier, advising small and mid cap companies on initial publicofferings, mergers and acquisitions and secondary fundraisings. Most recently,Oliver specialised in Corporate Finance at Deloitte where he focused onproviding regulatory and strategic advice to public companies in respect oftransactions and their ongoing regulatory obligations. Previously Oliver was aDirector of Corporate Finance at Daniel Stewart & Company plc from 2006 to 2012where he worked with a number of AIM companies, including Magnolia.
Magnolia COO, Rita Whittington commented, "We are delighted to welcome Oliverto the Magnolia team. Having worked closely with Oliver on our admission to AIMin 2011, his close understanding of our Company and business model coupled withhis extensive corporate finance experience makes him a valuable addition to ourteam. We look forward to working with him as we further progress towardsbuilding a significant oil and gas company focused on onshore US provenformations."
The Company has agreed to grant Oliver 1,754,386 share options, exercisable at2.85p per share, being the closing mid-market price on 23 January 2013, under aCompany share option scheme. The options vest after 12 months and arethereafter exercisable for a period of four years subject to the terms of thescheme.
The Appointment will take effect no later than 30 April 2013.
**ENDS**For further information on Magnolia Petroleum Plc visit www.magnoliapetroleum.com or contact the following:
Steven Snead Magnolia Petroleum Plc +01 918 449 8750 Rita Whittington Magnolia Petroleum Plc +01 918 449 8750 Antony Legge/James Thomas Daniel Stewart & Company Plc +44 (0) 20 7776 6550 John Howes/John-Henry Wicks Northland Capital Partners +44 (0) 20 7796 8800 Limited Lottie Brocklehurst St Brides Media and Finance +44 (0) 20 7236 1177 Ltd Frank Buhagiar St Brides Media and Finance +44 (0) 20 7236 1177 Ltd NotesMagnolia Petroleum Plc is an AIM quoted, US focused, oil and gas explorationand production company. Its portfolio includes interests in 90 producing andnon-producing assets, primarily located in the highly productive Bakken/ThreeForks Sanish hydrocarbon formations in North Dakota as well as the oil richMississippi Lime and the substantial and proven Woodford and Hunton formationsin Oklahoma.Summary of WellsCategory Number of wells Producing 90 Being Drilled/Completed 15 Elected to participate/waiting to spud 17 TOTAL 122This summary excludes four out of six wells acquired as part of the acquisitionof 800 gross acres with a 100% working interest in Osage County, Oklahoma, asannounced on 10 February 2012. These four wells are currently `shut in' andwill require a workover programme at some point in the future to bring backinto production.
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