leadf
logo-loader
viewUnion Jack Oil PLC

Union Jack Oil raises £7mln from placing and subscription

Union Jack's cash position increases to approximately £11mln

Union Jack Oil PLC -
West Newton is one Union Jack's prime developments

Union Jack Oil PLC (LON:UJO), the UK-focused oil and gas group, has raised £7mln through an oversubscribed funding round.

The fundraise comprised a placing and a subscription at 0.16p per share.

David Bramhill, Union Jack’s executive chairman, said he was delighted with the outcome, which he said laid a platform for further development of the AIM-listed group.

"The company is already funded for the imminent drilling at West Newton and for the associated Extended Well Test activities and the cost to first oil production at the Wressle development.

“With the fundraising net proceeds, our cash position increases to approximately £11mln and will assist in funding our next stage of growth.

"We also believe there will be attractive acquisition opportunities available from the ongoing fallout resulting from COVID, energy prices and BREXIT.”

Union Jack Oil has a range of assets under development with three flagship projects at Wressle, West Newton and Biscathorpe.

Quick facts: Union Jack Oil PLC

Price: 0.1475 GBX

AIM:UJO
Market: AIM
Market Cap: £29.23 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Union Jack Oil PLC named herein, including the promotion by the Company of Union Jack Oil PLC in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Union Jack Oil updates investors on Wressle field and West Newton

Union Jack Oil PLC's (LON:UJO) David Bramhill talks to Proactive London about the latest updates on Wressle field, in Lincolnshire as well as the ongoing drilling operation at the West Newton B-1 appraisal well project in East Yorkshire. Bramhill firstly starts with the Wressle field, news...

on 1/2/21

2 min read