Exploration firm Union Jack says it hopes to raise at £800,000 from its planned AIM listing to allow drilling on two onshore exploration wells.
The company, which today confirmed its plans to place 320,000,000 on the alternative market, says drilling would take place later this year.
Proceeds of the placing, along with the company’s existing cash resources, will be used to fund the Wressle-1 exploration well at the Wressle prospect in Lincolnshire, and a further well on the Burton on the Wolds prospect in Nottinghamshire.
The two projects are expected to cost upwards of £500,000.