StockMarketWire.com - Union Jack Oil said it had raised £2.3m from a share issue to fund a well test in the third quarter of 2019, and provide additional working capital.

New shares in the company were issued at 17p each.

'Following the successful result at the West Newton A-2 appraisal well, the board has raised additional equity capital to progress the previously announced long-term production test,' executive chairman David Bramhill said.

'The board is delighted with the result of the oversubscribed fundraising and, given current testing equity market conditions, would like to thank our existing shareholders for their continued support and welcome new investors to Union Jack.'




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