REG - Gunsynd PLC - Investment in Omega Oil & Gas Limited

GunsyndAnnouncement

25/10/2022 12:30

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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 £50,000) 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     +44 (0) 78 7958 4153

 Cairn Financial Advisers LLP

 James Caithie / Liam Murray   +44 (0) 20 7213 0880

 Peterhouse Capital Limited

 Lucy Williams                 +44 (0) 20 7469 0936

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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