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Union Jack Oil directors buy 6mln shares

Published: 17:10 25 Jun 2014 AEST

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Directors in onshore UK oil junior Union Jack Oil (LON:UJO) have bought 6mln shares in the company.

Executive chairman David Bramhill bought 3.5mln shares at a price of 0.36p, spending £12,600, and increasing his stake to 52.16mln shares or 3.1%. Joe O’Farrell, executive director, bought 2.5mln shares priced at 0.37p, spending £9,250, to increase his stake to 110.16mln shares or 6.55%.

Union Jack earlier this month launched a £1.4mln share placing, in which new shares being issued at 25p each.

It bolstered the group’s finances as the company prepares to for new acreage in the pending UK licence round. The company said the cash would also aid the acquisition of new assets and would also serve as working capital.

Meanwhile, anticipation of a catalyst packed work programme (four wells in eighteen months) and growing interest in onshore UK oil assets has seen the mirco-cap oil stock rise from 0.2p at the start of the year to recent highs of 0.48p.

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on 9/7/18