TIDMUJO
RNS Number : 7652U
Union Jack Oil PLC
27 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
27 November 2019
Union Jack Oil plc
("Union Jack" or the "Company")
Placing and Subscription to raise GBP5 million
Union Jack Oil plc (AIM: UJO), a UK-focused onshore hydrocarbon
production, development and exploration company, is pleased to
announce that it has raised GBP5 million by way of a placing and
subscription of 3,333,333,326 new ordinary shares of 0.025p each
("New Ordinary Shares") at a price of 0.15 pence per New Ordinary
Share (the "Fundraising"). The Fundraising comprises a placing of
2,928,999,993 New Ordinary Shares ("Placing") and a subscription of
404,333,333 New Ordinary Shares ("Subscription"). SP Angel
Corporate Finance LLP 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 GBP5 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 LLP acted as sole broker on the
Placing.
Details of the Director Subscription
Joseph O'Farrell has subscribed for a total of 33,333,333 New
Ordinary Shares at a price of 0.15p per share ("Director
Subscription"). Details of the Director Subscription is outlined in
the table below.
Director Position New Ordinary Shareholding % holding
Shares being following following
subscribed Admission Admission
Joseph O'Farrell Executive Director 33,333,333 275,732,806 1.79%
-------------------- -------------- ------------- -----------
Related Party Transaction
As Joseph O'Farrell is a director of the Company, the Director
Subscription is deemed a related party transaction for the purposes
of Rule 13 the AIM Rules ("Related Party Transaction").
David Bramhill, Graham Bull and Ray Godson, being the
independent Directors for the purposes of the Related Party
Transaction consider, having consulted with the Company's nominated
adviser, SP Angel Corporate Finance LLP, that the terms and
conditions of the Director Subscription is fair and reasonable
insofar as all shareholders of the Company are concerned.
Application for Admission
Completion of the Fundraising is conditional, inter alia, upon
admission of the New Ordinary Shares to trading on AIM
("Admission").
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.
Total Voting Rights
Following Admission, the Company's share capital and total
voting rights will comprise 15,440,906,325 Ordinary Shares. The
Company does not hold any shares in treasury. Consequently,
15,440,906,325 is the figure which may be used by shareholders as
the denominator for the calculation by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the Company under the FCA's Disclosure and
Transparency Rules.
For further information, please contact:
Union Jack Oil plc +44 (0)7801 540 358
David Bramhill
SP Angel Corporate Finance
LLP +44 (0)20 3470 0470
Nominated Adviser and Broker
Richard Morrison
Richard Hail
Stephen Wong
Blytheweigh Communications
Limited +44 (0)20 7138 3204
Financial PR
Tim Blythe
Megan Ray
Jane Lenton
Cassiopeia Services Ltd +44 (0)7949 690 338
Public Relations
Stefania Barbaglio
PDMR Dealing
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Mr. Joseph O'Farrell
--------------------------------- ------------------------------------
2. Reason for the notification
-----------------------------------------------------------------------
a) Position/status: Executive Director
--------------------------------- ------------------------------------
b) Initial notification/Amendment: Initial notification
--------------------------------- ------------------------------------
3. Details of the issuer, emission allowance market
participant, auction platform, auctioneer or auction
monitor
-----------------------------------------------------------------------
a) Name: Union Jack Oil plc
--------------------------------- ------------------------------------
b) LEI: 2138005VW7IUUUPY5Q88
--------------------------------- ------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of
transaction; (iii) each date; and (iv) each place
where transactions have been conducted
-----------------------------------------------------------------------
a) Description of the financial Ordinary shares of 0.025p
instrument, type of instrument: each
--------------------------------- ------------------------------------
b) Identification code: GB00B814XC94
--------------------------------- ------------------------------------
c) Nature of the transaction: Director subscription for
shares
--------------------------------- ------------------------------------
d) Price(s) and volume(s): Price(s) Volume(s)
0.15 pence 33,333,333
-----------
--------------------------------- ------------------------------------
e) Aggregated information: Single transaction as in
Aggregated volume: 4 c) above Price(s) Volume(s)
Price: 0.15 pence 33,333,333
-----------
--------------------------------- ------------------------------------
f) Date of the transaction: 26 November 2019
--------------------------------- ------------------------------------
g) Place of the transaction: Outside a trading venue
--------------------------------- ------------------------------------
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.
END
MSCFEWFUMFUSEIF
(END) Dow Jones Newswires
November 27, 2019 02:00 ET (07:00 GMT)
Union Jack Oil (LSE:UJO)
Historical Stock Chart
From Apr 2024 to May 2024
Union Jack Oil (LSE:UJO)
Historical Stock Chart
From May 2023 to May 2024