UNION JACK OIL PLC: Posting of AIM Admission Document & Corporate Update

UNION JACK OIL PLC: Posting of AIM Admission Document & Corporate Update
22 July 2013 


                              UNION JACK OIL PLC                               
                        ("Union Jack" or the "Company")                        
                          (ISDX GROWTH MARKET: UJOP)                           
                       Posting of AIM Admission Document                       
    Cancellation of trading on ISDX, corporate update, proposed fundraising    
                          and proposed Board changes                           

Further to the announcement  of 12 July 2013, the Board is pleased to announce
that the Company has today  published  and  posted  to  Shareholders  its  AIM
Admission Document and has made an application for the Company's issued and to
be issued Ordinary Shares  to  be  admitted  to  trading  on  the  AIM  market
("Admission"). The AIM Admission Document is  also available on  the Company's
website: www.unionjackoil.com

Fundraising

The Company  is  proposing  to  raise  £800,000  (before  expenses)  through  
a
conditional  placing of 320,000,000  Placing  Shares  at  0.25  pence  per  new
Ordinary Share (the "Placing"). The Placing  is conditional on the approval  of
Shareholders at a General Meeting to  be held  at 10 a.m.  at  the  offices  of
Osborne Clarke, 2 Temple Back East,  Temple Quay, Bristol  BS1 6EG  on  29 July
2013  and  on  Admission,  proposed  for  30  July  2013,  becoming  effective.
Cancellation of trading  on ISDX will take place simultaneously with Admission.

The net proceeds of  the Placing, aggregated with the Company's  existing  cash
resources as at 1 June 2013, are  approximately £1.2 million. The Board 
intends
to use the funds to undertake  the drilling of the Wressle-1  exploration  well
(c. £333,000 net to Union Jack) and  Burton on the Wolds-1 exploration well 
(c.
£200,000 net to Union Jack), settle  the costs of Admission  and  to  meet  
the
Company's working capital requirements. The Wressle-1 and Burton on the Wolds-1
exploration wells are expected to be drilled in Q3 2013.

Corporate update
Existing assets

Union Jack currently has interests in four  Licences  in  the  United  Kingdom:
Biscathorpe (PEDL253), Burton on  the  Wolds (PEDL201), North  Kelsey (PEDL241)
and Wressle (PEDL180). The Placing, with the Company's existing cash resources,
will fund the drilling programmes for the Burton  on  the  Wolds-1  exploration
well and the Wressle-1 exploration well. Further  funding  will  be  needed  to
enable participation in the  drilling  programmes  for  Biscathorpe  and  North
Kelsey. On 5 July 2013, the Company  entered  into  agreements  giving  it  the
option to withdraw from its commitments arising from its interests  in  PEDL253
and PEDL241 for a fee of £5,000 for each licence interest. On  exercise  of 
the
option(s) the Company would cease to be interested in the Licence(s).

Additional assets under option or the subject of a letter of intent

The Company currently has options over certain other assets within  the Wessex
Basin, the East Midlands and the Cleveland Basin.

Wessex Basin

On 13 May 2013, Union Jack entered into the Waddock Cross Option Agreement with
Dorset Exploration Ltd., a wholly owned  subsidiary  of  Egdon  Resources  plc,
pursuant to which the Company has the option, exercisable  until  31 July 2013,
to acquire a 10 per cent. interest  in  UK  onshore  Production  Licence  PL090
(including the Waddock Cross oil field) and the adjoining Licence  PEDL237. The
Board now does not intend to exercise its right to acquire an interest in these
Licences under the Waddock Cross Option Agreement.

East Midlands and Cleveland Basin

On 4 March 2013 Union Jack entered into a letter of intent with Egdon Resources
U.K. Limited granting the Company the opportunity to participate in  the  North
Somercotes (PEDL005R (Remainder)) Licence and the  possible  acquisition of  an
additional 5 per cent. interest in North Kelsey (PEDL241) on the same terms and
conditions as the original acquisition. On 3 June 2013 the Company entered into
an option agreement relating to participation in the Westerdale (PEDL068 (Block
NZ/60a)) Licence. These arrangements expire on 31 July 2013. The Board does not
intend to participate in such Licences pursuant to these arrangements.

Proposed Board Changes

Subject to Admission, William O'Dea will step down  as  Non-Executive  Director
with Raymond Godson being appointed to the Board as Non-Executive Director with
effect from Admission. The Board would like to thank Mr O'Dea for his  work  to
date and help during the transition phase.

Mr Godson is a chartered accountant with 40 years experience in  the  provision
of oil and gas related services to energy companies. Mr Godson joined  the  Rio
Tinto group in 1973 where he spent 16 years rising to become the financial  and
commercial director of the oil  and  gas  subsidiary  RTZ Oil & Gas Limited. In
1988 he joined Teredo Petroleum PLC ("Teredo") where  he  became  the  managing
director in 1992. Following the takeover of Teredo in 1993, he  became  a  full
time accountant in general practice, where the majority  of  his  business  has
been oil and gas related.

Unless otherwise defined herein, defined terms used in this  announcement  have
the meaning given to them in the Company's AIM Admission Document.

David Bramhill, Executive Chairman of Union Jack Oil plc, said:

"Union Jack is a new entrant to the UK hydrocarbon exploration  sector  and  is
concentrating on mature exploration projects, both  onshore  and  offshore  UK.
Admission, coupled with the funding secured in connection with Admission,  will
provide a platform for us to develop into an established UK onshore company. In
due course we aim to add appropriate offshore projects in  the  North  Sea  and
Ireland. 

"With a management team with expertise in  sourcing  projects, raising  finance
and leading listed  companies  we  intend  to  grow  and  diversify  our  asset 

portfolio to generate value for shareholders.  We look forward to the  proposed
Admission to trading on AIM on 30 July 2013. Thereafter, with  two  wells being
drilled in the next few months, we expect to provide the  market  with  regular
news of our progress in delivering on our strategy.

"On behalf of the Board I would like to take this opportunity to thank  William
O'Dea for his much valued guidance and support leading up to our proposed
Admission. We wish him all the best for the future."

The Directors of the Company accept responsibility  for  the  content  of  this
announcement.

Contacts:

Union Jack Oil plc www.unionjackoil.com
David Bramhill +44 (0) 77871 60682

Peterhouse Corporate Finance Limited
Corporate Adviser (ISDX)
Guy Miller and Mark Anwyl               +44 (0) 20 7220 9796

Broker (ISDX)
Jon Levinson and Lucy Williams          +44 (0) 20 7469 0930

Shore Capital
Nominated Adviser (AIM)
Bidhi Bhoma, Edward Mansfield           +44 (0) 20 7408 4090

Corporate Broking (AIM)
Jerry Keen                              +44 (0) 20 7408 4090

Yellow Jersey PR Limited
Public Relations
Dominic Barretto and Anna Legge         +44 (0) 776 853 7739
dominic@yellowjerseypr.com



END

-0- Jul/22/2013 06:00 GMT