StockMarketWire.com - Union Jack Oil said it had raised £5m from a share issue to advance its drilling plans.

New shares in the company were offered at 0.15p each.

The proceeds would be deployed into what the company said were 'highly accretive projects'.

These included drilling and testing of two further appraisal wells and the acquisition and reprocessing of new seismic data at its flagship asset at West Newton in the UK.

Funds would also be used to drill an anticipated side-track well at Biscathorpe and to provide additional working capital.



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