Business
Fundraising, Circular & Notice of General Meeting
Fundraising, Circular & Notice of General Meeting.
About this update from Union Jack Oil Plc
[{"type":"text","content":"\n \nRNS Number : 3704T Union Jack Oil PLC 20 March 2019 \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 \n20 March 2019\n \nUnion Jack Oil plc\n(\"Union Jack\" or the \"Company\")\nFundraising, Circular and Notice of General Meeting\n \nUnion Jack Oil plc (AIM: UJO) a UK focused, onshore oil and gas production company, is pleased to announce that it has conditionally raised £1.75 million by way of a placing and subscription, through the issue of a total of 2,333,333,334 New Ordinary Shares at an issue price of 0.075 pence per New Ordinary Share (the \"Fundraising\"). A Circular including a Notice of General Meeting of the Company will be posted to shareholders shortly. The General Meeting will be held at 11.00 a.m. on Monday 8th April 2019 at the offices of Osborne Clarke at 2 Temple Back East, Temple Quay, Bristol BS1 6EG.\nHighlights of the Fundraising and the Imminent West Newton-2 Appraisal Well\n· Conditional Fundraising of £1.75 million to progress Union Jack's wider activities following the drilling of the West Newton-2 conventional appraisal well\n· Union Jack is funded for the drilling of the West Newton-2 appraisal well that is expected to commence in April 2019\n· West Newton assigned Best Estimate Contingent Resources of 189 Bcf of gas equivalent or 31.5 million barrels of oil equivalent (gross) in a Competent Persons Report\n· Compelling immediate and future economic value from a development of the gas discovery alone: the Operator's NPV10% for the gas discovery alone is US$247 million and generates a 52.5% ROR\n· Considerable upside potential from the lower Cadeby Reef oil exploration target underlying the gas reservoir that will also be drilled with Best Estimate Prospective Resources of 79.1 million boe (gross)\n· Further significant upside potential from other numerous prospects and leads on the licence\n· The discovery also benefits from proximity to existing gas pipelines and infrastructure\n· A successful appraisal well at West Newton-2 is expec...