(Alliance News) - Union Jack Oil PLC on Friday confirmed that it is in the process of taking market soundings from investors for a planned placing of up to GBP5 million.
The company expects to use the proceeds from the fundraise to fund further drilling activity at its flagship asset, West Newton project in East Yorkshire, including one vertical well and one horizontal well.
Proceeds may also go towards acquiring and reprocessing new seismic data at West Newton, as well as drill a new sidetrack at Biscathorpe in Lincolnshire.
Shares in Union Jack Oil closed 1.5% lower at 0.20 pence on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
Union Jack (UJO)