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
SP Angel Corporate Finance LLP
+44 (0)20 3470 0470
Nominated Adviser and Broker
Blytheweigh Communications Limited
+44 (0)20 7138 3204
Cassiopeia Services Ltd
+44 (0)7949 690 338
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
Create your account: sign up and get ahead on news and events
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...
Sam Wahab, SP Angel’s oil and gas analyst talks to Proactive about the prospects for Eco (Atlantic), Tullow Oil, Hurricane Energy and Union Jack Oil.
Tullow (LON:TLW) needs to get back to explorations, which is what it does best says Wahab.
Its cashflow needs also means it has to beef up...