Gunsynd PLC Investment in Omega Oil & Gas Limited (0563E)

TIDMGUN

RNS Number : 0563E

Gunsynd PLC

25 October 2022

25 October 2022

Gunsynd plc

("Gunsynd" or the "Company")

Investment in Omega Oil & Gas Limited

Gunsynd Plc (AIM: GUN, AQSE: GUN) announces that it has invested AUD$90,000 (approximately GBP50,000) into Omega Oil & Gas Limited ("Omega") (ASX: OMA), an ASX listed Australian energy and resources company focused on natural gas exploration and oil production.

Omega commenced trading on the ASX at 12:00PM AEDT on Tuesday, 25 October 2022. Omega raised $15,070,000, through the issue of 75,350,000 shares at an issue price of $0.20 per share (the "Fundraise").

Gunsynd subscribed for 450,000 shares at AUD 20 cents for a total consideration of AUD$90,000 (the "Investment") as part of the Fundraise, from the Company's existing cash resources.

Omega holds two explorations permits ("Authority to Prospect" or "ATP") (ATP 2037 and ATP 2038) and a petroleum licence ("PL"), PL 17, in the Surat-Bowen Basin in South-East Queensland, Australia. Omega was incorporated in September 2020 to acquire Cypress Petroleum Pty Ltd from Tag Oil, a TSX listed oil and gas company. Through its acquisition of Cypress Petroleum, Omega holds 100% of ATP 2037, ATP 2038 and PL 17, which together represent a diversified portfolio of exploration and production assets.

Omega intends to execute a two well drilling campaign across both ATP 2037 and ATP 2038, focusing on the Kianga Formation in the Permian. This drilling campaign has two goals; to validate basin centred play, specifically the feasibility of commingled multi-facies production in the Taroom Trough, and to prove commercial prospectivity of the Permian Deep Gas by the application of a fit-for-purpose low cost well design. If successful, these activities will ultimately prove the viability of future gas and liquids development. This drilling campaign, if successful, will materially de-risk the Taroom Trough as a future gas producer in the years to come.

Gunsynd holds 450,000 ordinary shares in Omega representing approximately 0.4% of Omega's issued share capital.

For the year ended 30 June 2022, Omega had turnover of AUD$27,706 and made a loss of AUD$2,005,513.

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] 
 

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.

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October 25, 2022 07:16 ET (11:16 GMT)