Operations Update

Magnolia Petroleum Plc / Index: AIM / Epic: MAGP / Sector: Oil & Gas 30 September 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 at the following three wells Well Name Targeted Operator Gross IPR Magnolia's Net IPR NRI% Formation Murl#1 Wilcox, Basis 60 boepd 3.047 1.83 boepd Oklahoma JKL 1-08H Mississippi Devon Energy 549 bopd 1.719 9.44 bopd Lime, Oklahoma JKL 1-04 H Mississippi Devon Energy 40 bopd 0.555 0.2 bopd Lime, Oklahoma Rita Whittington, COO of Magnolia, said, "With an initial production rate of549 bopd and a cost of approximately US$3.7m, the JKL1-08H well highlights theattractive economics of drilling horizontal wells in the Mississippi Limeformation, Oklahoma. With this in mind, we are looking forward to receivinginitial production rates for a number of potentially high impact wellstargeting the formation, including those in which Magnolia holds a larger thanaverage interest, such as the Blaser well (9.375% NRI). "We currently have 50 new wells under development and continue to receivemultiple well proposals across the 13,500 net mineral acres we hold in USonshore formations. As a result, we expect to significantly add to our dailyproduction which stood at 214 boepd as at 1 August 2013. Higher revenues fromthis anticipated growth in production will, in line with our strategy, bereinvested into further drilling to prove up the reserves on our acreage and inthe process generate value for all our shareholders." 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 Blaser 1-10H Mississippi Lime, Completed - waiting 9.375 Cummings Oklahoma on IP results Linda 1-4** Wilcox, Oklahoma Completed - waiting 9.375 MT. Dora on surface equipment and IP results LeMarr#1* Oswego Completed - waiting 4.67 Stephens on IP results Exploration Reta#1** Bois D Arc, Waiting on frac 2.31 Basis Chimney Hill, Viola, Simpson, Oklahoma Omega 1-33H Hunton, Oklahoma Completed - waiting 0.799 Equal Energy on IP results JoLynn 18-1WH Woodford, Completing 0.348 Devon Energy Oklahoma Rabke 1-24H36 Woodford, Drilled 0.247 XTO Oklahoma Rabke 2-24H-36 Woodford, Completing 0.213 XTO Oklahoma Rabke 3-24H-26 Woodford, Drilling 0.20 XTO Oklahoma Campbell 1-17H Mississippi Lime, Completed - waiting 0.089 Truevine Oklahoma on IP results * re-entry into and re-completion of existing wellbore **Vertical well ** 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 124 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 124 Being Drilled / Completed 18 Elected to participate / waiting to 32spud TOTAL 174