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Union Jack Oil PLC - Response to Market Speculation

RNS Number : 6417T
Union Jack Oil PLC
15 November 2019

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement


15 November 2019


Union Jack Oil plc

("Union Jack" or the "Company")

Response to Market Speculation


Union Jack Oil plc (AIM: UJO), a UK focused onshore conventional hydrocarbon production, development and exploration company, notes recent market speculation relating to a potential fundraising, pursuant to an equity placing with certain existing and new investors.

The Company confirms that it is in the process of taking market soundings from investors in regard to an equity placing of up to £5 million.  It is intended that the majority of the proceeds will be used to fund further drilling activity at the Company's flagship asset, West Newton, including one vertical well and one horizontal well, and acquire and reprocess new seismic data at West Newton.  A portion of the proceeds may also be allocated to drill a new side-track well at Biscathorpe.

Further announcements will be made in due course.


For further information, please contact:

Union Jack Oil plc

+44 (0)7801 540 358

David Bramhill

SP Angel Corporate Finance LLP

+44 (0)20 3470 0470

Nominated Adviser and Broker

Richard Morrison

Richard Hail

Stephen Wong

Blytheweigh Communications Limited

+44 (0)20 7138 3204

Financial PR


Tim Blythe


Megan Ray


Jane Lenton


Cassiopeia Services Ltd

+44 (0)7949 690 338

Public Relations

Stefania Barbaglio


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Quick facts: Union Jack Oil PLC

Price: 0.156

Market: AIM
Market Cap: £30.91 m

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Union Jack Oil expects to be drilling at West Newton within weeks

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on 4/8/20