Union Jack Oil raises GBP800,000 through share placing

Union Jack Oil has raised £800,000 through a placing of 470.6m shares at 0.17p each.

The company said proceeds from the placing will allow it to take advantage of the current opportunities within the oil and gas market to further expand its portfolio through the acquisition of interests in drill-ready projects onshore UK on attractive terms.

Chairman David Bramhill said: "The placing further strengthens our balance sheet and will allow us to continue to execute our strategy of focusing on acquiring interests in low-cost UK onshore exploration, appraisal, development and production opportunities."

At 1004 GMT, Union Jack shares were down 12.2% at 0.18p.