From Term............ If Wressle is given the green light next month, production timeline is summer 2020. UJO still need to raise funds for their additional 12.5%, whereas EDR and EOG don’t, the market and traders are aware of this.... Thats an additional £1.04 million pounds need to be raised. Nobody wants to talk about this.
So is £2.8 million enough for West Newton and Wressle which will require an additional £1.04 million. • Union Jack acquires a further 12.5% in the licences containing Wressle, increasing its interest to 27.5%, reaffirming Union Jack’s and its joint venture partners’ commitment to the development of Wressle • The Acquisition structure is attractive and involves no initial cash consideration. The Deferred Consideration of £1.04 million is conditional on establishing first commercial oil production at Wressle http://unionjackoil.com/wp-content/uploads/2018/06/Acquisition-of-Additional-Interest-in-Wressle-FINAL-clean.pdf
Placing will come in around 15p - 18p if needed..........a lot will depend on Wressle and finances. I keep hearing we have £2.8 million but surely some of that is being used up already for day to day operations.