Onshore explorer Union Jack Oil has raised £1.4million through share placing as its looking to grow its UK portfolio.
The successful placing of more than 560 million shares will provide the company with enough working capital to participate in bidding during the 14th Onshore UK licencing round, it said in a statement.
The firm is also looking to use the proceeds to explore other conventional and unconventional asset opportunities, it added.
“We are delighted with the result of the significantly oversubscribed placing and I would like to thank Shore Capital, SP Angel and Northland Capital for the substantial investor demand they generated,” said David Bramhill, Union Jack’s executive chairman.