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Union Jack Oil pursuing a reduction of capital exercise

Union Jack Oil

Union Jack Oil plc (LON:UJO) a UK focused onshore hydrocarbon production, development and exploration company has announced that following the passing of a special resolution of the Company at its Annual General Meeting on 23 June 2022, the Company is now pursuing a reduction of capital exercise through the court procedure.

The Capital Reduction involves an application to the High Court of Justice, followed by two court hearings, where the Courts will consider whether any creditors will be prejudiced by the Capital Reduction.

Once the Capital Reduction is complete and a positive result obtained, the Company will issue a further announcement outlining details of a share buy back scheme or the payment of a maiden dividend.

Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector listed on the London Stock Exchange AIM market.

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