Business
First Day of Dealings on AIM
First Day of Dealings on AIM.
About this update from Union Jack Oil Plc
[{"type":"text","content":"\n \nRNS Number : 3610K Union Jack Oil PLC 30 July 2013 \n \n\nUnion Jack Oil PLC/ Index: AIM / Epic: UJO/ ISIN: GB00B814XC94 / Sector: Oil & Gas\nUnion Jack Oil PLC ('Union Jack' or the 'Company')\nFirst Day of Dealings on AIM\n \nUnion Jack Oil PLC (AIM: UJO), an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector, is pleased to announce the admission of its enlarged issued share capital to trading on AIM (\"Admission\"). Dealings will commence at 8.00 a.m. today. The Company has raised £800,000 before expenses (the \"Placing\") by way of a placing, by Shore Capital Stockbrokers Limited, of 320,000,000 new Ordinary Shares at 0.25 pence per Ordinary Share (the \"Placing Price\"). The Company will have, on Admission, a market capitalisation of c.£2.1 million at the Placing Price.\nThe net proceeds of the Placing aggregated with the Company's existing cash resources, as at 1 June 2013, are approximately £1.2 million. The Board intends to use the net proceeds to undertake the drilling of the Wressle-1 (c. £333,000) and the Burton on the Wolds-1 (c. £200,000) exploration wells and to meet the Company's working capital requirements.\nThe Company's main objective is the rapid appraisal and exploitation of the assets currently held. Simultaneous with this process, the Company's management expect to continue to use their expertise to acquire further licence interests over areas where there is a short lead time between the acquisition of the interest and either exploration drilling or initial production from any oil or gas fields that may be discovered.\nShore Capital and Corporate Limited is the Company's Nominated Adviser and Shore Capital Stockbrokers Limited and Northland Capital Partners Limited are Joint Brokers to the Company.\n \nOverview\n· Strategy to build a conventional production and exploration company, primarily onshore UK by developing a portfolio of drill-ready exploration assets which provide significant potential upside\n· Union Jack currently has interests in four Licences in the East Midlands Basin\no Burton on the Wolds-1 and the Wressle-1 exploration wells are expected to be drilled in Q3 2013\no Licence interests in Biscathorpe and North Kelsey wher...