Union Jack Oil (LON:UJO) has raised £2 million to fund its three-well drilling programme in Oklahoma, United States. The company completed the fundraising through a placing of new ordinary shares, which will provide the necessary capital to advance its exploration and development activities.
The drilling programme targets three wells planned for later this year, as part of Union Jack Oil’s efforts to build its oil production portfolio in the US. The company holds interests in several oil fields in Oklahoma, which benefit from existing infrastructure and proven reserves, enabling potentially quicker production start-up after successful drilling.
The funds raised will be used to cover the costs of drilling, testing, and completing the wells. Union Jack Oil aims to enhance its production profile and create shareholder value through this programme.
Chief Executive Officer David Bramhill stated that the fundraising is a key step to support the company’s growth strategy in the US. He emphasised that securing this capital allows the team to proceed with the drilling programme on schedule and maximise the potential of its Oklahoma assets.
Union Jack Oil continues to assess further opportunities to expand its US portfolio while focusing on developing its existing assets. The company remains committed to delivering value through disciplined exploration and production activity.
