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

GunsyndAnnouncement

23/10/2023 14:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231023:nRSW0037Ra&default-theme=true

RNS Number : 0037R  Gunsynd PLC  23 October 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:

·    Estimated maiden gross 2C contingent resources of 1.73 trillion cubic
feet ("TCF") and 3C contingent resources of 4.5 TCF across Omega Oil and Gas'
100% owned ATPs 2037 and 2038 in Queensland's Taroom Trough.

·    Net 2C contingent resources comprise 1.51 TCF Gas and 68.6 million
barrels (MMBBLS) of condensate.

·    The independent resource assessment, based on the Canyon drilling
campaign results, was conducted by Netherland, Sewell & Associates, Inc.,
a global leader in petroleum property analysis.

·    Allocated resources based on a modelled average reservoir thickness
of 27m in the Kianga Formation which is 221m thick at the site of the Canyon 2
well.

·    Strong growth potential, with further assessment to be considered on
other hydrocarbon-bearing reservoirs within the Kianga Formation and the Back
Creek Group, which are highly prospective.

·    The next phase of exploration and appraisal includes an innovative
horizontal well targeting the Kianga Formation and a multi-stage stimulation.

·    The $21 million capital raising completed on 8 August 2023 fully
funds the next stage of exploration and appraisal.

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

 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

 

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDNKNBBNBDDPKB