Union Jack Oil raises funds utilise licence opportunities

26th Feb 2014 16:04

Onshore oil and gas exploration firm Union Jack Oil has placed 288.89m shares at 0.225p each to raise funds for the acceleration of its investigation of the shale oil and gas opportunities on its existing licence interests.It will also enable it to apply for additional onshore UK licences in the next onshore licensing round later this year. The group said it was also exploring entry into two joint venture partnerships in licences, one of which has shale oil and gas potential.The placing raised a total of £650,000 before expenses. Executive Chairman David Bramhill said: "There have been significant developments in the dynamics of the onshore unconventional UK oil and gas sector including the recent entry of oil and gas majors taking serious interest in this arena. "Union Jack intends to leverage industry interest by quantifying the unconventional prospectivity in its existing licence interests and to acquire further licence interests holding both conventional and unconventional potential." NR