Business
Acquisition, Commercial Partner and Fundraising
Acquisition, Commercial Partner and Fundraising.
About this update from Union Jack Oil Plc
[{"type":"text","content":"\n \nRNS Number : 5969G Union Jack Oil PLC 05 March 2018 \n\n5 March 2018\n \nMarket Abuse Regulation (MAR) Disclosure\nCertain 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\n \nUnion Jack Oil Plc\n(\"Union Jack\" or the \"Company\")\nProposed Farm-in for an Additional 10% Interest in the Drill-Ready Biscathorpe Prospect\nCommercial Partnership Memorandum Signed with Humber Oil & Gas Limited\nOversubscribed Placing and Subscription to raise £1.25m\n \nThe Directors of Union Jack Oil plc (AIM: UJO) are pleased to announce that the Company has agreed terms on a proposed farm-in for a further 10% licence interest in PEDL253 (\"Proposed Farm-in\") increasing the Company's economic interest to 22%. PEDL253 is located in the South Humber Basin and contains the drill-ready Biscathorpe Prospect, where the Biscathorpe-2 conventional exploration well is planned to be drilled around mid-year 2018.\nThe Company has also entered into a memorandum of understanding (\"MOU\") with Humber Oil & Gas Limited (\"Humber\"), a private company incorporated in England and Wales, which forms the basis of an ongoing commercial partnership whereby both parties will seek to co-invest in UK onshore hydrocarbon opportunities going forward.\nThe Company has raised £1.25m by way of a placing and subscription of 1,470,588,226 new ordinary shares of 0.025p each (\"New Ordinary Shares\") at a price of 0.085p per New Ordinary Share (the \"Fundraising\"). The placing comprises 1,311,764,701 New Ordinary Shares (\"Placing\") and the subscription of 158,823,525 New Ordinary Shares (\"Subscription\"). SP Angel Corporate Finance LLP acted as sole broker on the Placing.\nThe proceeds will be used as follows:\n· to fund the Company's expanded drilling obligations in 2018;\n· to progress the evaluation of opportunities within the Company's existing portfolio;\n· to review new opportunities in collaboration with Humber under the MOU; and\n· for general working capital purposes.\nCommercial Partnership with Humber Oil & Gas Limited\nUnion Jack has entered into a commercial partnership with Hum...