Reabold Resources has announced its takeover offer for Union Jack Oil has lapsed.
At the today’s deadline, the bid was supported by holders of just over 13% of Union Jack share capital.
Reabold said in a statement this evening it had not received sufficient acceptances from Union Jack investors by 1pm.
The offer was conditional on receiving acceptances from holders of at least 75% of Union Jack’s existing share capital.
Reabold said that at 1pm today (2 October 2026), it had received acceptances from about 13.02%.
The statement said:
“As such, the Acceptance Condition has not been satisfied and the Offer has now lapsed”.
It added that the offr would have addressed challenges facing Union Jack and would have allowed shareholders to “participate in a better-capitalised platform with enhanced access to funding and a wider portfolio of assets”.
Reabold said it reserved the right to make a further offer if it were recommended by the Union Jack Board or a third party announced it intended to make an offer for Union Jack.
At the time of writing, Union Jack has not made a formal statement on the outcome of the takeover bid.
The offer, first made in June 2026, was backed by Union Jack’s then executive chairman, David Bramhill, and the company’s board. They had urged Union Jack shareholders to accept the offer.
But Mr Bramhill and two other directors were removed from the board on 24 August 2026 at a special meeting of shareholders.
They were replaced by Craig Howie and John Americanos, who opposed the Reabold takeover bid.
On 11 September 2026, in a circular to investors, the new Union Jack board recommended rejection of the offer. The board described the offer as “opportunistic” and said it “significantly undervalues Union Jack’s current project portfolio”.
Union Jack has the largest individual interest (40%) in the Wressle oil field in North Lincolnshire, PEDL180 and PEDL182.
It also has a 16.665% share in the West Newton oil and gas licence, PEDL183, in East Yorkshire and interests in PEDL5, PEDL209, PEDL241 and EXL294.
Last month, there were clashes between Union Jack and Reabold over West Newton, where there are plans for lower-volume fracking before the end of the year.
Union Jack said West Newton remained “an undeveloped gas and condensate discovery that has yet to establish sustained commercial production”. It also said “the outcome of the proposed stimulation” was not known.
Reabold Resources said it “strongly rejects” the suggestion that West Newton lacked “strategic merit”, It accused the new Union Jack board of “highly selective views” on the field.
