REG - Union Jack Oil PLC - Acquisition of 3% Interest in Beacon Energy plc

Union Jack OilAnnouncement

20/09/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230920:nRST9723Ma&default-theme=true

RNS Number : 9723M  Union Jack Oil PLC  20 September 2023

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

20 September 2023

Union Jack Oil plc

("Union Jack" or the "Company")

Acquisition of 3% Interest in Beacon Energy plc

 

Union Jack Oil plc (AIM: UJO) a UK focused onshore hydrocarbon production,
development and exploration company is pleased to announce that the Company
has acquired a disclosable interest in Beacon Energy plc ("Beacon") (AIM:
BCE).

Beacon is a full cycle oil and gas company with a portfolio of production,
development, appraisal and exploration onshore German assets through its
wholly owned subsidiary, Rhein Petroleum GmbH.

Union Jack holds 430,000,000 ordinary shares of no par value in Beacon
representing 3.22% of Beacon's issued share capital following completion of
the company's recent fundraise.

David Bramhill, Executive Chairman, commented: "In line with our stated
strategy to seek growth opportunities in foreign jurisdictions with
politically safe regimes, we are very pleased to declare our initial
investment in Beacon. We consider the investment to be a good use of capital
generated from consistent cash flows principally from our flagship asset at
Wressle.

"We have met with the management of Beacon and are familiar with their onshore
assets in Germany, which we consider hold impressive scope and upside
potential for both the near and mid-term.

"Without doubt we see a synergy between Beacon's and Union Jack's modus
operandi and we look forward to the results of what appears to be a very
encouraging and value accretive work programme going forward, including the
testing of the Schwarzbach-2(2.) well."

 

For further information, please contact the following:

 

Union Jack Oil
plc
info@unionjackoil.com

David Bramhill

 

SP Angel Corporate Finance
LLP
+44 (0)20 3470 0470

Nominated Adviser and Joint Broker

Matthew Johnson

Kasia Brzozowska

Richard Hail

 

Shore
Capital
   +44 (0)20 7408 4090

Joint Broker

Toby Gibbs

Iain Sexton

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  MSCQKLFFXKLFBBF