Magnolia Petroleum raises £225,000

Magnolia Petroleum has raised £225,000 via the issue of 225m new shares at 0.1p each, and the grant of 225m warrants, exercisable for two years at a price of 0.15p a share.

Proceeds would 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.

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