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Magnolia Petroleum agrees £10 mln equity facility

Magnolia Petroleum (LON:MAGP) today confirmed that it has now agreed a £10 million equity facility with Darwin Strategic, a subsidiary of Henderson Global.

The facility allows the company to raise capital at its discretion, by issuing shares to Darwin on pre-arranged terms. And Magnolia says the facility will allow it to expedite its existing growth and investment strategy.

"We are extremely pleased to have received the support of Henderson Global in our recent placing and delighted to have now signed the £10 million EFF with Darwin,” said chief operating officer Rita Whittington.

"I am encouraged by the level of institutional support we have received from Darwin and Henderson. The EFF provides us with a long-dated and flexible source of funding which we can use at our discretion.

“Our Board believes that Magnolia has significant potential and with the right mix of funding sources can take advantage of larger opportunities. 

Magnolia also said today that it intends to seek further acquisitions in both producing and non-producing interests in ‘highly productive’ plays. 

This will include the Bakken / Three Forks Sanish hydrocarbon formations in North Dakota, as well as the Mississippi formation in Oklahoma and the Woodford/Hunton reservoirs in Oklahoma.

It says it is currently reviewing a number of additional well proposals and it will be participating in new drilling programmes ‘as appropriate’.

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