13 June 2024

Union Jack Oil plc

("Union Jack" or the "Company")

Announcement by Reabold Resources PLC on PEDL183

Union Jack Oil plc (AIM:UJO, OTCQB: UJOGF) a UK and USA focused onshore hydrocarbon production and development company, notes today's announcement (the "Announcement") from Reabold Resources plc ("Reabold") in respect of the West Newton project contained within PEDL183. 

The Announcement provides details of the West Newton Gas Export Feasibility Study (the "Study") conducted by CNG Services Ltd that was commissioned by Reabold.  The Study has concluded that as a precursor to the intended West Newton full field development, an initial single well development and gas export plan could accelerate production and cash flow whilst requiring limited capital expenditure.

The Announcement also provides details of a revised work programme which has been approved by the North Sea Transition Authority.   

Union Jack holds a 16.665% interest in PEDL183.

The full text of Reabold's announcement can be found on its website (https://reabold.com/).

For further information, please contact:

Union Jack Oil plc                                                                                      [email protected] 

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

Harry Davies-Ball

Gneiss Energy Limited                                                                                +44 (0)20 9263 3983

Financial Adviser

Jon Fitzpatrick

Paul Weidman

Harbor Access                                                                                                 +1 (475) 477 9402

USA Investor Relations

Jonathan Paterson

Tommy Zima

BlytheRay                                                                                                      +44 (0)20 7138 3204

Financial PR

Tim Blythe

Megan Ray