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Union Jack Oil looking at fundraise for flagship and other projects

In a statement, Union Jack said it is funded for drilling at West Newton and for the associated extended well test activity

Union Jack Oil PLC -

Union Jack Oil PLC (LON:UJO) has responded to market to market speculation that it is considering raising funds.

In a statement, Union Jack said it is funded for drilling at West Newton and for the associated extended well test activity, and to first oil production at the Wressle development expected in final quarter of 2020.

”It is intended that the proceeds of any such fundraising will principally be used to continue to fund the company's flagship and other projects, and additional opportunities.”

Shares fell 1.4% to 0.18p, but they had been at 0.3p around a month ago.

Quick facts: Union Jack Oil PLC

Price: 0.1625 GBX

AIM:UJO
Market: AIM
Market Cap: £32.2 m
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Union Jack Oil expects to be drilling at West Newton within weeks

Union Jack Oil PLC's (LON:UJO) David Bramhill tells Proactive London's Andrew Scott drilling is due to kick off in the next few weeks at the West Newton project, where an appraisal well will follow up last year’s successful discovery. The plan also includes the combined testing of the new well,...

on 4/8/20

2 min read