26th Feb 2014 11:44
LONDON (Alliance News) - Union Jack Oil PLC Wednesday said it raised GBP650,000 before expenses through a placing of 288.9 million shares with new and existing investors, which will be used to speed up the investigation of the shale oil and gas opportunities on its existing licence interests and additional onshore UK licences.
The onshore oil and gas exploration company with a focus on the UK hydrocarbon sector, said it placed the shares at 0.225 pence per share.
The company also said it is exploring entry into two joint venture partnerships in licences, one of which has shale oil and gas potential.
Shares in Union Jack Oil were trading 2.8% lower at 0.248 pence per share before midday Tuesday.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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