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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Union Jack Oil Plc | LSE:UJO | London | Ordinary Share | GB00BLH1S316 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 25.25 | 25.00 | 25.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Oil And Gas Field Expl Svcs | 8.51M | 3.61M | 0.0320 | 7.89 | 28.46M |
From Apr 2019 to Apr 2024
TIDMUJO
RNS Number : 1950N
Union Jack Oil PLC
23 September 2019
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement
23 September 2019
Union Jack Oil plc
("Union Jack" or the "Company")
Unaudited Results for the Six Months Ended 30 June 2019
Union Jack Oil plc (AIM: UJO), a UK focused onshore conventional oil and gas production, development and exploration company, is pleased to announce its unaudited results for the Half Year ended 30 June 2019.
Highlights
-- The successful drilling of the West Newton A-2 conventional appraisal well where initial petrophysical evaluation has identified a gross oil column of 45 metres underlying a gross gas column of approximately 20 metres within the Kirkham Abbey formation
-- Following the drilling of the Biscathorpe-2 conventional well, confirmation by independent consultants Applied Petroleum Technology (UK) Limited ("APT") of the likely presence of a 35 metre live oil column with API Gravity oil of 33 to 34 in the top of the Dinantian interval
-- Data evaluated at Biscathorpe at the base of the analysed section, and wellsite readings, indicate possible additional pay at the base of the Dinantian interval
-- Union Jack management's view is that Biscathorpe remains one of the UK's largest onshore un-appraised conventional hydrocarbon targets
-- On development plans for the Wressle oil discovery, the encouraging decision by the North Lincolnshire Council that it will not be presenting evidence at the Public Enquiry to be held on 5 November 2019, and will withdraw its case in respect of the appeal subject to the agreement of acceptable planning conditions
-- Cash balance of in excess of GBP2.8 million as at 20 September 2019 -- Debt free
David Bramhill, Executive Chairman of Union Jack commented:
"We have seen significant progress at our three key project interests, namely West Newton, Biscathorpe and Wressle. Developments at these three assets can be expected to provide an active stream of newsflow throughout the remainder of 2019 and beyond.
"At West Newton A-2, the result of the Extended Well Test has the potential to dramatically transform Union Jack. We anticipate further progress in our ongoing technical evaluation and appraisal of the West Newton A-1 and A-2 discoveries in the coming months that will help us confirm that West Newton is one of the largest onshore UK oil and gas ventures in recent decades.
"An ongoing technical evaluation at Biscathorpe also has the potential to identify a material resource with significant upside, as in the case of West Newton.
"Assuming our appeal at Wressle is supported and production from Wressle is established, under the current oil price environment, Wressle would provide material cash flows after project operating costs net to Union Jack. Bearing in mind Union Jack's modest annual general and administrative costs, Wressle is expected to convert Union Jack into a cash flow positive company at the corporate level.
"The Board remains both confident and optimistic and the future of Union Jack looks bright."
Competent Person's Statement
In accordance with the "AIM Rules - Note for Mining and Oil and Gas Companies", the information contained within this announcement has been reviewed and signed off by Graham Bull, Non-Executive Director, who has over 46 years of international oil and gas industry experience.
For further information, please contact:
Union Jack Oil plc +44 (0)7787 160 682 David Bramhill SP Angel Corporate Finance LLP +44 (0)20 3470 0470 Nominated Adviser and Broker Lindsay Mair Richard Hail Stephen Wong Cassiopeia Services Ltd +44 (0)7949 690 338 Public Relations Stefania Barbaglio
CHAIRMAN'S STATEMENT
I am pleased to present this Half Yearly Report for the six months ended 30 June 2019 to the shareholders of Union Jack Oil plc ("Union Jack" or the "Company").
KEY ACTIVITIES IN THE PERIOD
The past six months, and the subsequent period to the date of writing this statement, have seen a number of positive events that augurs well for our strategy and that the Board believes will assist in delivering material growth in the medium term on our goal to build a sustainable, UK onshore focused, mid-tier conventional hydrocarbon producer.
Union Jack holds what the Board considers to be high-value material project interests with significant upside potential in our axis areas of the East Midlands, Humber Basin and East Yorkshire.
We are pleased to report that demonstrable progress has been made during the period, with the highlights being:
-- The successful drilling of the West Newton A-2 conventional appraisal well, where initial petrophysical evaluation has identified a gross oil column of 45 metres underlying a gross gas column of approximately 20 metres within the Kirkham Abbey formation
-- Following the drilling of the Biscathorpe-2 conventional well, confirmation by independent consultants Applied Petroleum Technology (UK) Limited ("APT") of the likely presence of a 35 metre live oil column with API Gravity oil of 33 to 34 in the top of the Dinantian interval
-- Data evaluated at Biscathorpe at the base of the analysed section, and wellsite readings, indicate possible additional pay at the base of the Dinantian interval.
-- Union Jack management's view is that Biscathorpe remains one of the UK's largest onshore un-appraised conventional hydrocarbon targets
-- On development plans for the Wressle oil discovery, the encouraging decision by the North Lincolnshire Council ("NLC") that it will not be presenting evidence at the Public Enquiry to be held on 5 November 2019, and will withdraw its case in respect of the appeal subject to the agreement of acceptable planning conditions
-- Cash balance of in excess of GBP2.8 million as at 20 September 2019 -- Debt free
PEDL183 WEST NEWTON A1 AND A2 DISCOVERIES (16.665%)
During late 2018, Union Jack completed a farm-in to licence PEDL183 located in East Yorkshire and within the Western sector of the Southern Zechstein Basin, containing the West Newton A-1 discovery, with Rathlin Energy (UK) Limited ("Rathlin" or the "Operator"), a subsidiary of Canadian registered Connaught Oil and Gas Ltd.
In April 2019, the West Newton A-2 conventional well was spudded, targeting the Kirkham Abbey and Cadeby formations. In June 2019, positive preliminary results were reported from the West Newton A-2 well that was drilled in a safe and competent manner by the Operator.
The well reached a total depth of 2,061 metres and 28 metres of core was recovered from the primary target, the Kirkham Abbey formation, and all planned logging operations were completed.
A gross 65 metre hydrocarbon interval was encountered within the Kirkham Abbey formation, indicating a substantial hydrocarbon accumulation, including a significant liquids component.
Based on the previously described data in conjunction with cuttings analysis and mudlogging data, a cased hole pulsed-neutron tool was run across the Kirkham Abbey zone as a means to differentiate between and confirm fluid saturations.
Initial petrophysical evaluation identified a gross oil column of 45 metres underlying a gross gas column of 20 metres. The West Newton A-2 well exhibits encouraging porosities on logs and in core, particularly in the identified oil zone, where in excess of 30 metres of good porosity has been measured. The core also exhibits natural fracturing which is confirmed by an imaging log run across the entire Kirkham Abbey interval.
The Operator and joint venture partners now believe that West Newton represents a potentially significant oil and gas development project rather than pure gas as originally perceived from information obtained from West Newton A-1 well and the subsequent Competent Person's Report ("CPR") prepared by Deloitte.
The Extended Well Test ("EWT") programme has been temporarily suspended in order to review the well test design to deliver the necessary test information to validate this important onshore resource.
Additionally, the West Newton A-2 data provided a good tie to the high quality three component 3D seismic volume that covers the entire West Newton project area. This new data allows for a revised interpretation of the seismic volume incorporating the well and the newly identified gas over oil gross hydrocarbon volume.
Following the integration and evaluation of the core, petrophysical, seismic and test data, the Operator and joint venture partners intend to commission a revised CPR to re-assess volumetrics and revise NPV10 values based on the information acquired from the West Newton A-2 well.
PEDL253 BISCATHORPE (22%)
PEDL253 is within the proven hydrocarbon fairway of the South Humber Basin and is on-trend with the Saltfleetby gasfield, Keddington oilfield and the Louth and North Somercotes Prospects.
In February 2019, the Biscathorpe-2 well was drilled and logging operations were conducted. Preliminary analysis indicated that the primary objective, the Basal Westphalian Sandstone, was not encountered as the well was drilled high to prognosis and did not thicken as expected in the pre-drill model.
Union Jack's independent technical team was greatly encouraged by the significant elevated gas readings and shows from logging supported by calculated oil saturations in the Dinantian Carbonate over an interval in excess of 150 metres, which included a suite of gas indications C1 to C5 and nC5, which is indicative of an effective petroleum system in close proximity to the Biscathorpe-2 well.
As a result of these compelling indications of hydrocarbons, the joint venture commissioned independent consultants APT to perform a detailed geochemical analysis of drill cutting samples taken from 20 intervals in the Biscathorpe-2 well.
The objective of the APT analysis was to provide geochemical evidence for the presence of live hydrocarbons, together with an estimate of the likely oil quality.
The APT report confirmed the occurrence of hydrocarbons in the Westphalian and Dinantian cutting samples analysed, validated by the presence of a full suite of gases ranging from methane to pentane.
The key result from the report was the likely presence of a 35 metre live oil column with API Gravity of 33 to 34 in the top of the Dinantian interval. Additionally, data evaluated at the base of the analysed section were suggestive of possible extra hydrocarbon pay at the base of the Dinantian interval.
The information derived from the revised petrophysical analysis has upgraded the Biscathorpe-2 well result, indicating proximity to an effective petroleum system, and validates Union Jack's and its joint venture partners' belief in the additional potential that exists within the PEDL253 licence area.
Following the drilling of the Biscathorpe-2 well and subsequent technical analysis, Union Jack management's view is that this prospect remains one of the UK's largest onshore un-appraised conventional hydrocarbon targets, given the attractions of the Basal Westphalian sandstone, its primary target reservoir, and the hydrocarbons identified within the Dinantian interval.
The joint venture is continuing with detailed seismic re-processing and further technical studies to confirm the next steps in relation to a possible side track of the Biscathorpe-2 well.
PEDL180/PEDL182 WRESSLE DISCOVERY (27.5%)
Located in Lincolnshire on the Western margin of the Humber Basin, PEDL180 and PEDL182 contain the substantial Wressle conventional oil discovery with proven reserves and significant upside from contingent resources, from which first commercial oil is expected to flow at a constrained rate of 500 barrels of oil per day following successful planning approval.
In July 2019, the joint venture received notification that, in a closed meeting, a decision was made by the NLC that it will not be presenting evidence at the Public Enquiry to be held on
5 November 2019, and will withdraw its case in respect of the appeal subject to the agreement of acceptable planning conditions.
A Queen's Counsel has been appointed to assist our appeal to obtain permission for development of this important conventional oil project.
The Wressle-1 well discovered hydrocarbons in 2014. During testing, a total of 710 barrels of oil equivalent per day were recovered from three separate reservoirs, the Ashover Grit, the Wingfield Flags and the Penistone flags. In September 2016, a CPR provided independent estimates of reserves and contingent and prospective oil and gas resources for the Wressle discovery of 2.15 million stock tank barrels classified as discovered (2P+2C).
OTHER PORTFOLIO INTERESTS
Other project interests within the Company's portfolio include the producing Keddington oilfield, PEDL005(R) (20%), which we believe has significant upside, including other potential drill targets that can be easily accessed from the existing production site. In addition, the producing Fiskerton Airfield oilfield EXL294 (20%) will soon be seeing a workover exercise in order to increase production.
PEDL241 (20%) contains the drill ready North Kelsey Prospect which will be drilled during 2020 subject to securing farminees.
PEDL201 (26.25%) Widmerpool Gulf, formerly Burton on the Wolds, contains significant Bowland Hodder shale potential where Management is considering options to generate value from this licence interest. The favoured outcome from this potentially significant play type would be through an industry sale.
A comprehensive list of Union Jack's licence interests can be found within the Half Yearly Report, which can be viewed on the Company's website www.unionjackoil.com.
CORPORATE AND FINANCIAL
Subsequent to the period under review, the Company, in July 2019, raised GBP2.25 million by way of an oversubscribed placing and subscription.
The funds raised enabled the Company to move forward on our potentially transformational three key project interests, namely:
-- extended well testing at the significant oil discovery at the West Newton A-2 conventional appraisal well
-- ongoing technical evaluation following drilling of the Biscathorpe-2 conventional appraisal well and
-- the upcoming appeal on the proposed development of the material Wressle conventional oil discovery
Union Jack remains debt free and our cash balance stands in excess of GBP2.8 million as at
20 September 2019.
In June 2019, the Company completed the sale of its 7.5% interest in PEDL143 to UK Oil & Gas PLC ("UKOG") for a consideration of GBP112,500. Payment in UKOG shares allows Union Jack to benefit from UKOG's increased holding in PEDL143 and also the further exposure to UKOG's wider Weald Basin assets and other projects.
I would like to take this opportunity to thank our supportive shareholders, my fellow directors and our enthusiastic team of advisers, all of whom work closely with the Company and assist in helping us achieve our corporate goal of becoming a sustainable UK onshore focused mid-tier conventional hydrocarbon producer.
SUMMARY
The period under review and subsequent events since 30 June 2019, have seen significant progress at our three key project interests, namely West Newton, Biscathorpe and Wressle. Developments at these three assets can be expected to provide an active stream of newsflow throughout the remainder of 2019 and beyond.
At West Newton A-2, the result of the EWT has the potential to dramatically transform Union Jack. We anticipate further progress in our ongoing technical evaluation and appraisal of the West Newton A-1 and A-2 discoveries in the coming months that will help us confirm that West Newton is one of the largest onshore UK oil and gas ventures in recent decades.
An ongoing technical evaluation at Biscathorpe also has the potential to identify a material resource with significant upside, as in the case of West Newton.
Assuming our appeal at Wressle is supported and production from Wressle is established, under the current oil price environment, Wressle would provide material cash flows after project operating costs net to Union Jack. Bearing in mind Union Jack's modest annual general and administrative costs, Wressle is expected to convert Union Jack into a cash flow positive company at the corporate level.
The Board remains both confident and optimistic and the future of Union Jack looks bright.
David Bramhill
Executive Chairman
23 September 2019
Unaudited income Statement
FOR THE SIX MONTHSED 30 JUNE 2019
Hot Features
Premium
Year
Six Months Six Months ended
ended ended 31 December
30 June 30 June 2018
2019 Unaudited 2018 Unaudited Audited
Notes GBP GBP GBP
================================ ====== ================ ================ ==============
76,409 73,044 165,270
Revenue (102,583) (78,33) (159,046)
Cost of sales - operating
costs (18,459) (12,227) (32,186)
Cost of Sales - depreciation
Gross profit (loss) (44,633) (17,522) (25,962)
-------------------------------- ------ ---------------- ---------------- --------------
Administrative expenses (554,476) (402,469) (871,489)
Impairment - - (205,308)
Other operating income 112,500 - -
Total administrative
expenses (441,976) (402,469) (1,076,797)
-------------------------------- ------ ---------------- ---------------- --------------
(486,609) (419,991) (1,102,759)
Operating loss 2,541 1,232 4,051
Finance income
-------------------------------- ------ ---------------- ---------------- --------------
Loss before taxation (484,068) (418,759) (1,098,708)
Taxation- 3 - - -
-------------------------------- ------ ---------------- ---------------- --------------
Loss for the period /
year (484,068) (418,759) (1,098,708)
-------------------------------- ------ ---------------- ---------------- --------------
Attributable to:
Equity shareholders of
the Company (484,068) (418,759) (1,098,708)
-------------------------------- ------ ---------------- ---------------- --------------
Loss per share
Basic and diluted loss - -
per share (pence) 2 (0.01) (0.01) (0.01)
-------------------------------- ------ ---------------- ---------------- --------------
Unaudited Statement of Comprehensive Income
FOR THE SIX MONTHSED 30 JUNE 2019
Year
Six Months Six Months ended
ended ended 31 December
30 June 30 June 2018
2019 Unaudited 2018 Unaudited Audited
GBP GBP GBP
============================= ================ ================ =============
Loss for the period /
year (484,068) (418,759) (1,098,708)
Other comprehensive income - - -
------------------------------ ---------------- ---------------- -------------
Total comprehensive loss
for the period / year (484,068) (418,759) (1,098,708)
------------------------------ ---------------- ---------------- -------------
Unaudited Balance Sheet
AS AT 30 JUNE 2019
As at
As at As at 31 December
30 June 30 June 2018
2019 Unaudited 2018 Unaudited Audited
Notes GBP GBP GBP
================================= ====== ================ ================ =============
Assets
Non-current assets
Exploration and evaluation
assets 5,512,441 3,044,232 3,485,961
Property, plant and equipment 596,328 - 535,409 611,139
Investments 152,500 40,000 40,000
--------------------------------- ------ ---------------- ---------------- -------------
6,261,269 3,619,641 4,137,100
Current assets 1,279,056 109,969 198,054
Trade and other receivables 1,442,126 1,827,229 3,123,287
Cash and cash equivalents
--------------------------------- ------ ---------------- ---------------- -------------
2,721,182 1,937,198 3,321,341
--------------------------------- ------ ---------------- ---------------- -------------
Total assets 8,982,451 5,556,839 7,458,441
--------------------------------- ------ ---------------- ---------------- -------------
Liabilities
Current liabilities
Trade and other payables 777,094 113,606 396,688
--------------------------------- ------ ---------------- ---------------- -------------
Non-current liabilities
Provisions 456,813 264,854 453,165
--------------------------------- ------ ---------------- ---------------- -------------
Total liabilities 1,233,907 378,460 849,853
--------------------------------- ------ ---------------- ---------------- -------------
Net assets 7,748,544 5,178,379 6,608,588
--------------------------------- ------ ---------------- ---------------- -------------
Capital and reserves
attributable
to the Company's equity
shareholders
Share capital 4 4,567,292 3,322,194 3,983,958
Share premium 8,606,599 6,161,633 7,593,146
Share-based payment reserve 105,556 61,438 78,319
Accumulated deficit (5,530,903) (4,366,886) (5,046,835)
--------------------------------- ------ ---------------- ---------------- -------------
Total assets 7,748,544 5,178,379 6,608,588
--------------------------------- ------ ---------------- ---------------- -------------
Unaudited Statement of Cash Flows
FOR THE SIX MONTHSED 30 JUNE 2019
Six months Six months Year
ended ended ended
30 June 2019 30 June 31 December
Unaudited 2018 Unaudited 2018
GBP GBP Audited
GBP
=============================== ============== ================ =============
Cash outflow from operating
activities (1,141,509) (648,332) (893,956)
------------------------------- -------------- ---------------- -------------
Cash flow from investing
activities
Purchase of intangible
assets (2,026,480) (203,018) (755,919)
Purchase of property,
plant and equipment - (50,777) (52,291)
Purchase of investment (112,500) 1,232
Interest received 2,541 4,051
------------------------------- -------------- ---------------- -------------
Net cash used in investing
activities (2,136,439) (252,563) (804,159)
------------------------------- -------------- ---------------- -------------
Cash flow from financing
activities 1,750,000 1,250,000 3,500,000
Proceeds on issue of
new shares (153,213) (100,390) (257,113)
Cost of issuing new shares
------------------------------- -------------- ---------------- -------------
Net cash generated from
financing activities 1,596,787 1,149,610 3,242,887
------------------------------- -------------- ---------------- -------------
Net (decrease) / increase
in
cash and cash equivalents (1,681,161) 248,715 1,544,773
------------------------------- -------------- ---------------- -------------
Cash and cash equivalents
at beginning of period
/ year 3,123,287 1,578,514 1,578,514
------------------------------- -------------- ---------------- -------------
Cash and cash equivalents
at end of period / year 1,442,126 1,827,229 3,123,287
------------------------------- -------------- ---------------- -------------
Notes to the Unaudited Financial Information
FOR THE SIX MONTHSED 30 JUNE 2019
1 Accounting Policies
Basis of Preparation
These financial statements are for the six month period ended 30 June 2019.
The information for the year ended 31 December 2018 does not constitute statutory financial statements as defined in section 434 of the Companies Act 2006.
A copy of the statutory financial statements for that period has been delivered to the Registrar of Companies. The Auditor's Report was not qualified, did not include a reference to any matters to which the Auditor drew attention by way of emphasis without qualifying the report and did not contain statements under section 498(2) or (3) of the Companies Act 2006.
The interim financial statements for the six months ended 30 June 2019 are unaudited.
The interim financial information in this report has been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU") applied in accordance with the provisions of the Companies Act 2006.
The financial statements have been prepared under the historical cost convention. The principal accounting policies have been consistently applied to all periods presented.
Significant Accounting Policies
The accounting policies and methods of computation followed in the interim financial statements are consistent with those as published in the Company's Annual Report and Financial Statements for the year ended
31 December 2018.
The Company has adopted IFRS 16 Leases from 1 January 2019. There is no material effect on the Company's financial statements as the Company does not currently hold any leases.
The Annual Report and Financial Statements are available from the Company Secretary at the Company's registered office, 6 Charlotte Street, Bath BA1 2NE or on the Company's website www.unionjackoil.com.
Going Concern
The directors have, at the time of approving the interim financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting.
2 Loss per Share Attributable to the Equity Shareholders of the Company
Basic loss per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.
Given the Company's reported loss for the period, warrants are not taken into account when determining the weighted average of ordinary shares in issue during the period and therefore the basic and diluted earnings per share are the same.
Basic loss per share Six months Six months Year
ended ended ended
30 June 30 June 2018 31 December
2019 pence 2018
pence pence
================================ ============ ============== =============
Loss per share from continuing
operations (0.01) (0.01) (0.01)
-------------------------------- ------------ -------------- -------------
The loss and weighted average number of ordinary shares used
in the calculation of basic earnings per share are as follows:
-------------------------------------------------------------------------------------
Six months Year
Six months ended ended
ended 30 June 2018 31 December
30 June GBP 2018
2019 GBP
GBP
=============================== ================ ================ ================
Loss used in the calculation
of total
basic and diluted earnings
per share (484,068) (418,759) (1,098,708)
------------------------------- ---------------- ---------------- ----------------
Six months Year
Number of Shares ended Six months ended
30 June ended 31 December
2019 30 June 2018 2018
=============================== ================ ================ ================
Weighted average number
of ordinary
shares for the purposes
of basic and
diluted earnings per share 9,520,691,838 5,267,414,840 7,532,096,235
------------------------------- ---------------- ---------------- ----------------
3 Taxation
There was no tax charge for the half yearly period due to the loss incurred. A deferred tax asset in respect of trading losses and share-based payments has not been recognised due to the uncertainty of timing of future profits. The trading tax losses are recoverable against suitable future trading profits.
4 Share Capital
In April 2019, 2,333,333,334 new ordinary shares were issued for cash at 0.075 pence per share, raising approximately GBP1,750,000 before expenses of GBP153,213 by way of a placing and subscription.
At 30 June 2019, there were 10,784,043,588 ordinary shares of a nominal value of 0.025 pence in issue.
At 30 June 2019, there were 831,680,400 deferred shares of 0.225 pence nominal value in issue.
At 30 June 2019, there were 46,074,504 warrants outstanding and exercisable.
During the period under review, 5,333,333 warrants expired.
5 Events after the Balance Sheet Date
In July 2019, 1,323,529,411 new ordinary shares were issued for cash at 0.17 pence per share, raising approximately GBP2.25 million before expenses of GBP140,888 by way of a placing and subscription.
Following this fundraising, as of 3 July 2019, there are now 12,107,572,999 ordinary shares of a nominal value of 0.025 pence in issue.
In July 2019, Joe O'Farrell, Executive Director, purchased 29,411,764 new ordinary shares at a price of
0.17 pence through a subscription.
In July 2019, Ray Godson, Non-Executive Director, purchased 5,882,353 new ordinary shares at a price of
0.17 pence through a subscription.
In July 2019, 120,000,000 share options were granted to David Bramhill, Executive Chairman, 80,000,000 share options were granted to Graham Bull, Non-Executive Director, 30,000,000 share options were granted to
Ray Godson, Non-Executive Director and 30,000,000 share options were granted to Matthew Small,
Company Secretary.
The share options have an exercise price of 0.265 pence, being the mid-market closing price as of 18 July 2019. The vesting date is 19 July 2022, and the exercise period expires on 19 July 2029. The share options can only be exercised if the share price is at a 30% premium to the option issue price.
In August 2019, 80,000,000 share options were granted to Joe O'Farrell, Executive Director.
The share options have an exercise price of 0.265 pence, being the mid-market closing price on 5 August 2019. The vesting date is 6 August 2022, and the exercise period expires on 6 August 2029. The share options can only be exercised if the share price is at a 30% premium to the exercise price.
The grant of options is a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies, however these events have occurred after the Balance Sheet Date.
6 Related Party Transactions
Charnia Resources (UK), an unincorporated entity owned by Graham Bull, non-executive director, received from the Company the sum of GBP32,800 during the period under review in respect of consulting fees.
Jayne Bramhill, spouse of David Bramhill, received from the Company the sum of GBP3,000 during the period under review in respect of IT maintenance and administration costs.
7 Copies of the Half Yearly Report
A copy of the Half Yearly Report will shortly be posted to shareholders, and is now available on the Company's website www.unionjackoil.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR EAXNEADFNEFF
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