Support for Reabold Resources plc’s £6.14 million offer for Union Jack Oil plc has increased to 9.5%, based on figures released today.
Reabold said it had counted 13,887,698 Union Jack shares by 1pm on 30 September, being day 58 of acceptances, in favour of the bid.
Shareholders who reject the offer, including Union Jack’s new board, total 24.39% of the shares, as at 24 September.
The offer remains open for acceptances until the unconditional date of 1pm on 2 October 2026, which may be brought forward or extended.
Union Jack holds oil and gas interests onshore the East Midlands, England and in Oklahoma, USA, while Reabold has hydrocarbon investments onshore UK, Italy, California, USA and Romania.
Both have an interest in the West Newton gas field in East Yorkshire.