Gunsynd PLC Omega Oil & Gas - Investee Company Update (3795A)
May 23 2023 - 6:26AM
UK Regulatory
TIDMGUN
RNS Number : 3795A
Gunsynd PLC
23 May 2023
Gunsynd PLC
("Gunsynd" or the "Company")
Omega Oil & Gas - Investee Company Update
Gunsynd Plc (AIM: GUN, AQSE: GUN) notes the announcement by its
investee company Omega Oil and Gas Limited ("Omega"), an ASX listed
Australian energy and resources company focused on natural gas
exploration and oil production (ASX: OMA), on its Basin-Centred Gas
drilling campaign.
Omega stated that its second well, Canyon 1, was spudded on 8
May 2023, and that it had reached total depth of 4,000m on 21 May
2023, with wireline logging underway. Canyon 1 intersected 234m of
the Kianga Formation and encountered significant gas shows from
3,506m down. The formation thickness in Canyon 1 was thicker than
that intersected in Canyon 2. In comparison to Canyon 2, which
intersected 293m of Kianga and upper Back Creek, Canyon 1 has
intersected 424m of gas-rich zone.
Omega further stated that planning is underway for a hydraulic
stimulation programme later this year.
Gunsynd subscribed for 450,000 shares at AUD 20 cents per
ordinary share for a total consideration of AUD$90,000
(approximately GBP50,000) as part of the IPO fundraising announced
on 25 October 2022.
Forward Looking Statements
This announcement contains forward-looking statements relating
to expected or anticipated future events and anticipated results
that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the Company's ability to execute
and implement future plans, and the occurrence of unexpected
events. Actual results achieved may vary from the information
provided herein as a result of numerous known and unknown risks and
uncertainties and other factors.
The Directors of Gunsynd accept responsibility for this
announcement.
For further information, please contact:
Gunsynd plc
Hamish Harris/ Peter Ruse +44 (0) 78 7958 4153
Cairn Financial Advisers LLP
James Caithie / Liam Murray +44 (0) 20 7213 0880
Peterhouse Capital Limited
Lucy Williams +44 (0) 20 7469 0936
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDSEDFFDEDSEEI
(END) Dow Jones Newswires
May 23, 2023 07:26 ET (11:26 GMT)
Gunsynd (LSE:GUN)
Historical Stock Chart
From Apr 2024 to May 2024
Gunsynd (LSE:GUN)
Historical Stock Chart
From May 2023 to May 2024