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(Alliance News) - Union Jack Oil PLC has raised GBP2.3 million in an oversubscribed share placing, it said Friday. The cash will go towards an extended well test at West Newton, Yorkshire.
Union Jack placed 1.32 billion new shares at a price of 0.17 pence each. The issuance was made up of 1.20 billion shares in a placing, and 124.1 million shares in a subscription.
Union Jack shares were 12% higher on Friday afternoon at a price of 0.19p, giving the company a market capitalisation of GBP19.9 million.
SP Angel Corporate Finance LLP acted as sole broker for the fundraise.
Executive Chair David Bramhill said: "Following the successful result at the West Newton A-2 appraisal well, the board has raised additional equity capital to progress the previously announced long-term production test, scheduled to commence in third quarter 2019.
"The board is delighted with the result of the oversubscribed fundraising and, given current testing equity market conditions, would like to thank our existing shareholders for their continued support and welcome new investors to Union Jack."
On Monday last week, Union Jack announced a gas discovery at the West Newton A-2 well, which it said could be the largest onshore find in the UK since 1973.