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Union Jack Oil fully funded for West Newton after £5mln fundraise

David Bramhill, Union Jack Oil PLC’s (LON:UJO) executive chairman, tells Proactive he is delighted with recent £5mln fundraise, which will fund drilling at West Newton and other exploration onshore in the UK

West Newton is the largest project Union Jack has been involved with, he says and one of three potential company-makers on the go for them at present.

“We have no financing issues going forward for the whole of the [West Newton] project and the £7mln cash we have covers a lot of other stuff.”

At Wressle, Bramhill says the field can be generating £3mln of cashflow a year within six months of planning approval to start.

Data at Biscathorpe, meanwhile, is being re-assessed to identify where to explore next while Bramhill is also upbeat about the potential at Keddington and North Kelsey.

“We have an embarrassment of riches in my opinion.”

Quick facts: Union Jack Oil PLC

Price: 0.165 GBX

AIM:UJO
Market: AIM
Market Cap: £25.48 m
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