Union Jack Oil plc (LON:UJO) Executive Chairman David Bramhill talks to DirectorsTalk about the release of its year end results. David talks through the operational highlights, the financial points, how the company has progressed since year end and what we can expect over the coming months.
The following events have taken place after the year end:
In March 2018, 1,470,588,266 new ordinary shares were issued for cash at 0.085 pence per share raising approximately £1,250,000 before expenses of £100,588.
The enlarged issued share capital following the issue of new shares described in this section is 5,803,651,431 ordinary shares of 0.025 pence each.
In March 2018 the Company entered into a Commercial Partnership with UK based Humber Oil & Gas Limited and a Memorandum of Understanding was signed by both parties whereby the two companies have agreed to co-invest in selective UK upstream projects.
In March 2018 the Company entered into a Farm-in Agreement with Egdon Resources U.K. Limited and Montrose Industries Limited to acquire a further 10% interest in PEDL253 containing the drill-ready Biscathorpe-2 Prospect. Following this the Company now holds a 22% economic interest in the licence.
In March 2018, Joe O’Farrell purchased 58,823,529 new ordinary shares, following which he now holds a beneficial interest in 177,693,592 ordinary shares representing approximately 3.06% of the share capital of the Company.
In March 2018, David Bramhill purchased 11,764,705 new ordinary shares, following which he now holds a beneficial interest in 65,962,285 ordinary shares representing approximately 1.14% of the share capital of the Company.