Response to Market Speculation

RNS Number : 6417T

Union Jack Oil PLC

15 November 2019

 

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement

15 November 2019

Union Jack Oil plc

("Union Jack" or the "Company")

Response to Market Speculation

Union Jack Oil plc (AIM: UJO), a UK focused onshore conventional hydrocarbon production, development and exploration company, notes recent market speculation relating to a potential fundraising, pursuant to an equity placing with certain existing and new investors.

The Company confirms that it is in the process of taking market soundings from investors in regard to an equity placing of up to £5 million.  It is intended that the majority of the proceeds will be used to fund further drilling activity at the Company's flagship asset, West Newton, including one vertical well and one horizontal well, and acquire and reprocess new seismic data at West Newton.  A portion of the proceeds may also be allocated to drill a new side-track well at Biscathorpe.

Further announcements will be made in due course.

For further information, please contact:

Union Jack Oil plc	[phone]
David Bramhill
SP Angel Corporate Finance LLP	[phone]
Nominated Adviser and Broker
Richard Morrison
Richard Hail
Stephen Wong
Blytheweigh Communications Limited	[phone]
Financial PR
Tim Blythe
Megan Ray
Jane Lenton
Cassiopeia Services Ltd	[phone]
Public Relations
Stefania Barbaglio

 

END

 

 

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