Operations Update

Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 18 December 2013 Magnolia Petroleum Plc(`Magnolia' or `the Company') Operations Update Magnolia Petroleum Plc, the AIM quoted US onshore focused oil and gasexploration and production company, is pleased to provide an operations updateacross its portfolio of interests in proven US onshore formations including theBakken, North Dakota and Mississippi Lime, Oklahoma. This update is in linewith the Company's strategy to rapidly build production through drilling andprove up the reserves on its leases. Commencement of Production Well Name Targeted Operator Gross IPR Magnolia's Net IPR Formation NRI Robison Woodford, Calyx 777 boepd 0.293% 2.28 boepd4-1MWH Oklahoma Existing well updates The Company has been informed by the relevant operators of a change in statusin the following wells in which it is participating: Well Targeted Status NRI Operator Formation Parmley 1-1 WH Mississippi Lime; Drilled, completed, 12.187% Devon Energy Woodford, waiting on frac Oklahoma Bolay #1-19 HW Woodford, Drilled, completed, 1.55% Devon Energy Oklahoma waiting on frac Chalfant 1-7H Hunton, Oklahoma Drilled, now being 0.236% Continental completed Resources SPS Lucy 1-14H Hunton, Oklahoma Drilling 2.42% Paul Gillham Change in Working Interest Well Targeted OLD WI/NRI NEW WI/NRI Operator Formation Yani 1-31H Hunton, Oklahoma 2.213/1.66% 3.557/2.734% Equal Energy Change in Well Name Previous Well Name New Well Name Targeted NRI Operator Formation Hufnagel 1H-34x Bohlman Woodford, 0.293% Newfield Oklahoma Rita Whittington, COO of Magnolia, said, "Thanks to our participation in wellswith larger interests such as the Parmley1-1 WH, Magnolia's average interest in180 wells in proven US onshore formations now stands at over 3%, having beenapproximately 0.6% at the time of our AIM Admission in November 2011. Ourinterest in the Robison well is small but following strong initial productionrates for other Woodford wells in which we have participated, such as the 1,170boepd for JoAnn 1H-18, Robison further demonstrates the potential of our otherwells targeting this formation, including the Parmley. "In all, we are currently participating in 46 wells that are at various stagesof development alongside established operators such as Devon Energy in provenformations such as the Mississippi Lime. I look forward to providing furtherupdates on our progress in due course, as we look to prove up the reserves onour leases through drilling and generate value for all our shareholders." ** ENDS ** Glossary `boe' means barrels of oil equivalent: a unit of energy based on theapproximate energy released by burning one barrel (42 US gallons or 158.9873litres) of crude oil. There are 42 gallons (approximately 159 litres) in one barrel of oil, whichwill contain approximately 5.8 million British Thermal Units (MBtus) or 1,700kilowatt hours (kWh). The value is necessarily approximate as various grades ofoil have slightly different heating values. BOE is used by oil and gascompanies in their financial statements as a way of combining oil and naturalgas reserves and production into a single measure. `boepd' means barrels of oil equivalent per day `bopd' means barrels of oil per day, Abbreviation for barrels of oil per day, acommon unit of measurement for volume of crude oil. The volume of a barrel isequivalent to 42 US gallons `IPR' means initial production rates `NRI' means net revenue interest `WI' means working interest For further information on Magnolia Petroleum Plc visitwww.magnoliapetroleum.com or contact the following: Steven Snead Magnolia Petroleum Plc +01 918 449 8750 Rita Whittington Magnolia Petroleum Plc +01 918 449 8750 Jo Turner / James Caithie Cairn Financial Advisers LLP +44 20 7148 7900 John Howes / Alice Lane / Northland Capital Partners +44 20 7796 8800Luke Cairns Limited Lottie Brocklehurst St Brides Media and Finance Ltd +44 20 7236 1177 Frank Buhagiar St Brides Media and Finance Ltd +44 20 7236 1177 Notes Magnolia Petroleum Plc is an AIM quoted, US focused, oil and gas explorationand production company. Its portfolio includes interests in 134 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 Wells Category Number of wells Producing 134 Being Drilled / Completed 11 Elected to participate / waiting to spud 35 TOTAL 180