Union Jack Oil PLC (AIM:UJO) confirmed in a statement after Friday’s close that it is considering a potential equity fundraising to support its ongoing growth.
The company noted that new capital would assist the funding of the proposed purchase of a further 25% interest in the Claymore Piper Complex Royalty Units, along with the upgrade of certain producing assets to enhance cashflow.
Some funds would also be earmarked for the progression of other appraisal projects, it added.
“There is no certainty that the potential fundraising will proceed. A further announcement will be made in due course,” Union Jack said, as is customary for such announcements.