Reabold Resources plc today reported an increase from 5.7 to 6.2% in support of its £6.14 million takeover offer for Union Jack Oil plc.
The figure published on 28 September, as day 56 of acceptances, represents 9,085,641 Union Jack shares and stands against Union Jack’s new board’s support of 24.39% against the offer, as at 24 September.
The offer remains open until the unconditional date of 2 October, which may be brought forward or extended.
The news comes as Union Jack posted an increase in oil and gas revenues to £1.6m for the first six months to 30 June 2026, compared with £1.3m for the same period in 2025.
Gross profit totalled £558,337 (£454,401) and net loss before impairment fell to £416,051 (£489,674).
The value of the company’s assets decreased to £15.9m (£21.4m) while its mineral royalties portfolio secured an 11% annualised return on investment.
Executive chairman Craig Howie said that the new board remained focused on “right-sizing” the central cost base, especially directors’ pay, and had also identified three potential non-executive directors to improve corporate governance. The appointments are expected during October.
Mr Howie added: “As I also expressed in late August, Union Jack’s new board needs to preserve and increase value with more effective capital allocation decisions going forward.
“In this regard, we are being supported by a new and streamlined team of restructuring and technical advisers, who are leading a fresh commercial and technical approach.
“The results of this work have been very promising so far, and I believe that we have quickly developed a strong understanding of our various projects onshore UK and in Oklahoma.”
Mr Howie added that partners Egdon Resources and Reach Oil and Gas Company, for the Wressle oil development in Lincolnshire and wells in Oklahoma, USA respectively, had shown a “clear willingness to engage with the new board at the earliest opportunity”.