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6 Jul 2017 16:08
Magnolia Petroleum Plc - Update on Acquisition of Interest by NTOGMagnolia 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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For further information on Magnolia Petroleum Plc visit www.magnoliapetroleum.com or contact the following:
| Rita Whittington | Magnolia Petroleum Plc | +01918449 8750 |
| Jo Turner / James Caithie | Cairn Financial Advisers LLP | +44207213 0880 |
| Colin Rowbury | Cornhill Capital Limited | +44207710 9610 |
| Lottie Brocklehurst | St Brides Partners Ltd | +44207236 1177 |
| Frank Buhagiar | St Brides Partners Ltd | +44207236 1177 |
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