Union Jack Oil PLC (AIM:UJO), which recently started new ventures in Oklahoma, has opted to add a stock market listing in the United States.
The company, in a statement today, told investors that its shares have been approved to trade on the OTCQB Venture Market, under the ticker UJOGF.
It expects that under a dual listing it will see enhanced investor benefits, including “an uncomplicated trading access for investors based in the USA and increased liquidity due to a broader geographic pool of potential investors.”
Executive chair David Bramhill commented: “Obtaining a trading facility on the OTCQB is another important step forward and a new chapter in Union Jack's commitment to increasing its profile in the USA, especially at a time where we are actively conducting an ongoing drilling program in Oklahoma and building a quality portfolio of cash generative Mineral Royalties focused on the Permian Basin, Texas and Bakken Shale, North Dakota.”
"Our expansion and diversification in the USA complements our already cash-generative and profitable hydrocarbon production and development business in the UK and we look forward to material growth over the next year and beyond."
Jonathan Dickson, OTC Markets vice-president of International Corporate Services, meanwhile, said: “With its primary listing remaining on London's AIM, the OTCQB's cross-trading facility will allow Union Jack to broaden its horizons and provide investors in the USA with the ability to access the company's ordinary shares in US dollars and during USA market hours."
Union Jack last week kicked off drilling operations for its first Oklahoma well, Andrews-1-17, which is scheduled to reach a target depth of 5,200 feet in the coming days.
The well is operated by partner Reach Oil & Gas with Union Jack holding 45% of the project.