REG - Gunsynd PLC - Omega Oil & Gas - Investee Company Update

GunsyndAnnouncement

13/04/2023 12:30

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RNS Number : 1502W  Gunsynd PLC  13 April 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 the Canyon-2 well was spudded on 19th March 2023, and that
it has reached a total depth of 3807m Measured Depth Rotary Table ("MDRT"),
drilling through the Kianga Formation and the upper Back Creek Group. The rig
is pulling out of the hole to run wireline logs. The results to date are
positive and have exceeded Omega's expectations. The well will be suspended
for completion before hydraulic stimulation and flow testing during the next
phase. Omega will be analysing the data from the well and will utilise
existing completion and production data from surrounding wells to inform the
design of the stimulation program and enhance the chances of success.

The Kianga Formation is the primary target of Omega's current exploration
programme and was intersected at 3367m. Gas was recorded while drilling over
the entire 221m interval of the Kianga Formation.

Gunsynd subscribed for 450,000 shares at AUD 20 cents per ordinary share for a
total consideration of AUD$90,000 (approximately £50,000) 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                   +44 (0) 78 7958 4153

 Hamish Harris/ Peter Ruse

 Cairn Financial Advisers LLP  +44 (0) 20 7213 0880

 James Caithie / Liam Murray

 Peterhouse Capital Limited    +44 (0) 20 7469 0936

 Lucy Williams

 

 

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