News listings

energy-pedia general news

United Kingdom flagUnited Kingdom

Europe / Caspian / CIS >>> United Kingdom

UK: Union Jack Oil announces placing and subscription to raise GBP 5 million

27 Nov 2019

Photo - see caption

AIM-listed Union Jack Oil, a UK-focused onshore hydrocarbon production, development and exploration company, has raised £5 million by way of a placing and subscription of 3,333,333,326 new ordinary shares of 0.025p each at a price of 0.15 pence per New Ordinary Share.  The Fundraising comprises a placing of 2,928,999,993 New Ordinary Shares and a subscription of 404,333,333 New Ordinary Shares.  SP Angel Corporate Finance acted as sole broker on the Placing.

The proceeds will be deployed into what Union Jack believes are highly accretive projects including the drilling and testing of two further appraisal wells and the acquisition and reprocessing of new seismic data at the Company's flagship asset at West Newton. Funds will also be used to drill an anticipated side-track well at Biscathorpe and to provide additional working capital.

David Bramhill, Executive Chairman of Union Jack, commented:

'The Board is delighted with the result of this successful fundraising.

'These funds will allow Union Jack to fully engage in the newly proposed appraisal programme of its 16.665% interest in its conventional flagship project, West Newton, contained within PEDL183.

'The placing provides funding to progress the technically and financially compelling West Newton project under a planned two well drilling and testing programme for H1 2020 which we expect will add significantly to the earlier successes seen at the A-1 and A-2 hydrocarbon discoveries.

'We also have in place the funds required to complete a seismic acquisition programme over other structures that have been highlighted over the licence area, that we believe hold significant upside potential over and above the West Newton project.  Volumetric data on West Newton recently compiled by the operator, Rathlin Energy, indicates a material onshore discovery which we believe may prove to be of national importance.

'In addition to West Newton, Union Jack, has other material conventional assets in its balanced portfolio at Biscathorpe and Wressle that are expected to see activity over the coming months, either of which could potentially be transformational for the Company.

'The directors are extremely confident about the future prospects for Union Jack and look forward to updating the market on developments at West Newton and our wider portfolio.'

The Placing and Subscription

The Company has raised £5 million before expenses by way of a placing and subscription of 3,333,333,326 New Ordinary Shares of 0.025p each at a price of 0.15p per New Ordinary Share.  The Fundraising comprises a Placing of 2,928,999,993 New Ordinary Shares and a Subscription of 404,333,333 New Ordinary Shares.  SP Angel Corporate Finance acted as sole broker on the Placing.

Application for Admission

Completion of the Fundraising is conditional, inter alia, upon admission of the New Ordinary Shares to trading on AIM.

Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM and it is expected that Admission will take place and that trading will commence on or around 8:00 a.m. on 29 November 2019.  The New Ordinary Shares will rank pari passu in all respects with the existing ordinary shares.

Original article link

Source: Union Jack Oil

Bookmark and Share

A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.

Subscriber Only Deals

Current Deals

Current Upstream Deals: 355

Completed Deals

Completed Upstream Deals: 5492

Company Profiles

Current Company Profiles: 2722

Corporate Activity

Current Corporate Activity articles: 3495

Companies Looking

Current number of articles: 439

Company Sales

Current Company Sales articles:1420


Current Geostudies articles: 732

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...

energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...

energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...


Subscribe to the FREE
energy-pedia Daily Newsletter

SLR Consulting logo
Rose & Assocs 149
KL Publishing
Union Jack Oil 149
Government of South Australia
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans

Tel: +44(0)1727 822675