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West Newton acquisition 'a cracking deal' for Union Jack Oil Plc

David Bramhill, executive chairman of Union Jack Oil PLC (LON:UJO) discusses with Proactive's Andrew Scott their decision to acquire a 16.667% stake in the West Newton gas discovery in Yorkshire.

To support the transaction UJO's raising £2.25mln of new capital.

The transaction's been agreed with Rathlin Energy, a subsidiary of Canadian firm Connaught Oil & Gas, via a farm-out that commits UJO to cover 25% of the cost of an appraisal well in the first quarter of 2019.

Quick facts: Union Jack Oil PLC

Price: 0.2 GBX

AIM:UJO
Market: AIM
Market Cap: £24.22 m
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Full interview: Union Jack's three key projects have potential to...

Union Jack Oil PLC's (LON:UJO) David Bramhill talks Proactive London's Andrew Scott through the 'significant progress' they've seen across its three key projects in the first half of the year - West Newton, Biscathorpe and Wressle. Bramhill says developments at the three assets can be...

3 weeks, 3 days ago

2 min read