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Response to Market Speculation

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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


 


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.
 
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Quick facts: Union Jack Oil PLC

Price: 0.155

Market: AIM
Market Cap: £23.93 m
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Investor Update: Union Jack's West Newton potential confirmed

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