Union Jack – DRILL OR DROP?

Union Jack directors stand firm on Reabold takeover two days from deadline

The new board of Union Jack Oil has repeated its recommendation to shareholders to reject the takeover bid by Reabold Resources.

Reabold Resources has hit back at doubts over plans to frack at West Newton in East Yorkshire made by the partner it is seeking to acquire.

Production at the UK’s newest onshore oil site has dropped 15%, accounts from one of the partners have revealed.

New directors of Union Jack Oil have unanimously rejected the takeover offer by Reabold Resources.

Rathlin Energy, the company planning lower-volume fracking in East Yorkshire, has appointed a new board member from its majority owner.

Union Jack, which has interests at Wressle and West Newton, has recommended shareholders vote against a proposal to remove the board.

Shareholders opposed to the takeover of Union Jack Oil are seeking a general meeting to remove three directors from the board.

Reabold Resources has offered to buy Union Jack Oil, both companies confirmed this morning.

The company with the biggest stake in the Wressle oil field has agreed a £1m loan from the site operator, Egdon Resources.

An investor in the Wressle and West Newton fields warned today that government policy has made its UK business “increasingly difficult to progress”.