Gunsynd PLC Omega Oil & Gas - Investee Company Update (3795A)

TIDMGUN

RNS Number : 3795A

Gunsynd PLC

23 May 2023

Gunsynd PLC

("Gunsynd" or the "Company")

Omega Oil & Gas - Investee Company Update

Gunsynd Plc (AIM: GUN, AQSE: GUN) notes the announcement by its investee company Omega Oil and Gas Limited ("Omega"), an ASX listed Australian energy and resources company focused on natural gas exploration and oil production (ASX: OMA), on its Basin-Centred Gas drilling campaign.

Omega stated that its second well, Canyon 1, was spudded on 8 May 2023, and that it had reached total depth of 4,000m on 21 May 2023, with wireline logging underway. Canyon 1 intersected 234m of the Kianga Formation and encountered significant gas shows from 3,506m down. The formation thickness in Canyon 1 was thicker than that intersected in Canyon 2. In comparison to Canyon 2, which intersected 293m of Kianga and upper Back Creek, Canyon 1 has intersected 424m of gas-rich zone.

Omega further stated that planning is underway for a hydraulic stimulation programme later this year.

Gunsynd subscribed for 450,000 shares at AUD 20 cents per ordinary share for a total consideration of AUD$90,000 (approximately GBP50,000) as part of the IPO fundraising announced on 25 October 2022.

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

The Directors of Gunsynd accept responsibility for this announcement.

For further information, please contact:

 
Gunsynd plc 
 Hamish Harris/ Peter Ruse     [phone] 
 
Cairn Financial Advisers LLP 
 James Caithie / Liam Murray   [phone] 
 
Peterhouse Capital Limited 
 Lucy Williams                 [phone] 
 

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May 23, 2023 07:26 ET (11:26 GMT)