Update on Acquisition of Interest by NTOG

Magnolia Petroleum Plc - Update on Acquisition of Interest by NTOG

PR Newswire

London, July 6

6 July 2017

Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas

Magnolia Petroleum Plc

(‘Magnolia’ or ‘the Company’)

Update on Acquisition of Interest by Nostra Terra

Magnolia Petroleum Plc, the AIM quoted US focused oil and gas exploration and production company, notes the announcement made earlier today by Nostra Terra Oil and Gas Company plc (“NTOG”) in relation to its acquisition of its interest in the Company.

In the Company’s announcement and circular of 20 June 2017, the Company stated that NTOG’s announcement of 26 May 2017 stated that the acquisition of its interest was conditional. The Company acknowledges that NTOG’s announcement did not state that there were any conditions with the acquisition.

The Company notes that NTOG has today confirmed that settlement for the shares to be acquired from Steven Snead and his family was made in cash on 26 May 2017 and that completion will now take place by 31 July 2017.

The Board of Magnolia looks forward to welcoming NTOG as a shareholder.

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