All systems go for West Newton and Union Jack Oil as Reabold gets £24 million placing done

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Reabold, RBD, has announced the successful completion of the Placing announced on 8 October 2019.

A total of 2,666,666,666 new Ordinary Shares have been conditionally placed with new and existing institutional investors by Stifel, at a price of 0.9 pence per new Ordinary Share, raising gross proceeds of £24 million.

The Placing Price represents an 12.2 per cent. discount to the mid-market closing price of 1.025 pence on the 8 October 2019, being the last practicable closing price prior to the announcement of the Placing.

Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. It is currently expected that Admission will become effective and that dealings in the Placing Shares will commence on AIM, at 8.00 a.m. on 29 October 2019.

With funds now in place, the development of West Newton will be guaranteed. Surely UJO shares due a bounce on this excellent news for the WN consortium? 1.2p is too low with enough cash, £2.6 million to fund B well at West Newton. Placing will come, hopefully after CPR Q1 2020?

News flow West Newton

  1. A restart of EWT October/November 2019

  2. Completion of Extended Well Test End 2019

  3. CPR for West Newton Basin End 2019/Early 2020

  4. WN B well end Q1 2020/early Q2 2020