Union Jack Oil Raises Cash to Fund Onshore UK Acquisitions

The directors of onshore oil and gas exploration company, Union Jack Oil plc, announced Thursday that the company has raised $900,000 (GBP 700,000) through a placing of 411,764,706 new ordinary shares of $0.03 (GBP 0.025) at a price of $0.22 (GBP 0.17) per placing share.  

The proceeds from the placing will be used to further expand the company's portfolio through the acquisition of interests in near term development and production opportunities onshore UK, according to a statement from Union Jack Oil.

"I am very pleased with the shareholder support for this funding, which was achieved at the closing bid price on 21 September 2016,” said David Bramhill, Union Jack Oil plc executive chairman.

“The proceeds will provide us with the financial capacity to broaden our asset portfolio,” he added.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Ithaca Energy Starts Production from N... (Feb 17)
 -  Kraken 2Q Start-up 'On Track' (Feb 17)
 -  DOF Group Axes Over 700 Employees in 2... (Feb 17)
 -  Unite: Government Must Create Sustaina... (Feb 17)
 -  Fluor to Support FEED for Woodfibre Pr... (Feb 17)


Most Popular Articles

From the Career Center
Jobs that may interest you
Supervisor Senior Accountant (Tax)
Expertise: Accounting
Location: Alpharetta, GA
 
A/P Analyst
Expertise: Accounting|Secretarial or Administrative
Location: Atlanta, GA
 
Outside Sales Representative - Manufacturing Services
Expertise: Business Development
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $55.81/BBL 0.28%
Light Crude Oil : $53.4/BBL 0.07%
Natural Gas : $2.83/MMBtu 0.70%
Updated in last 24 hours