Union Jack Oil Plc (LON:UJO) is an AIM quoted onshore oil and gas production and exploration company with a focus on drilling and development opportunities in the UK. The company considers its portfolio to be well balanced given the combination of production, discovery, appraisal and development interests with Wressle (oil and gas discovery), Biscarthorpe on PEDL253, PEDL241 with the North Kelsey Prospect, PEDL005(R) with the Keddington oil field and PEDL201 Burton on the Wolds. However, it represents a speculative investment opportunity and hence is not without risk. On 27 October 2015, the company announced that it had raised £800,000 (gross) in a placing at 0.17p with certain Directors also participating. The proceeds will be used to allow Union Jack to take advantage of current market opportunities through the acquisition of interests in UK onshore drill-ready projects. Application has been made for the placing shares to be admitted to trading on AIM and it is expected that dealings in these new shares will commence on 3 November 2015.
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