Union Jack Oil
UJO · AIM · Energy · mcap £2.4m · 1.6p 4 open situations →
Open · 4
Offer for the company
Reabold's all-share offer was recommended by the former board on 1 July 2026 and the Offer Document was published on 29 July. After the former board was removed on 24 Aug, the new board published a rejection circular on 11 Sep, withdrawing the recommendation and calling the offer opportunistic. Low acceptances (5.70%) and 23.02% of shares committed not to accept make success unlikely.
- Timetable
- Panel statement on revised offer timetable to follow shortly 11 Sep 2026 ↗
- Certainty
- No certainty any offer will be forthcoming or proceed, nor of its terms 15 Jun 2026 ↗
- Next milestone
- Offer Document publication; date not stated 24 Aug 2026 ↗
- Price
- Not stated in these announcements 8 Jul 2026 ↗
- Risk
- Howie and Americanos have said they oppose any Reabold offer; both joined the board on 24 August 2026 24 Aug 2026 ↗
- Value now
- 3.2895p at Reabold's 64.50p close on 10 Sep 2026; 7.85% premium to Union Jack's 3.05p 11 Sep 2026 ↗
Next: Panel statement setting revised offer timetable
- 11 Sep 2026 update
- 7 Jul 2026 offer
- 26 Jun 2026 approach
- 15 Jun 2026 approach
Craig Robert Howie campaign
Follows from Offer for the company – offer
A 9.16% holder requisitioned resolutions in May 2026; the 26 June AGM was adjourned and on 8 July holders of 14.09% requisitioned the removal of all three directors. At the requisitioned GM on 24 Aug 2026 all resolutions passed with about 90.5-90.9% of votes cast. Bramhill, O'Farrell and Phillips were removed; Howie (Executive Chairman) and Americanos were appointed.
- Proposed appointees
- Craig Howie and John Americanos 8 Jul 2026 ↗
- Context
- Howie and Americanos oppose any Reabold offer; board recommended the offer on 1 July 2026 8 Jul 2026 ↗
- Result
- All resolutions passed at requisitioned GM, 24 August 2026 24 Aug 2026 ↗
- Directors removed
- David Bramhill, Joseph O'Farrell, Dr Zac Phillips; removal votes 90.55-90.89% of votes cast 24 Aug 2026 ↗
- Directors appointed
- Craig Howie (90.85%) as Executive Chairman; John Americanos (90.82%) as Executive Director 24 Aug 2026 ↗
- Holdings
- Howie 13,421,874 shares (about 9.15%); Americanos 7,228,222 shares (about 4.93%) 24 Aug 2026 ↗
Next: appoint independent non-executive directors
- 24 Aug 2026 campaign
- 8 Jul 2026 campaign
- 27 May 2026 campaign
- 7 May 2026 campaign
Crossroads well, Oklahoma
Crossroads spud slipped twice on rig repairs before the well was spudded on 5 May 2026. The 27 May 2026 update reports good hydrocarbon shows at several levels from the Hoxbar to the Basal McLish. Evaluation and testing begin in mid-June. Union Jack's 43% share of costs was already funded from cash.
- Rig status
- Still undergoing maintenance and repair (1 May 2026)
- Earlier expectation
- Spud before end of April 2026, stated on 16 April; not met
- Interest
- Union Jack holds 43%; operator Reach Oil and Gas 27 May 2026 ↗
- Funding
- Share of drilling costs already funded from existing cash 27 May 2026 ↗
- Operator
- Reach Oil and Gas Company Inc. 26 May 2026 ↗
- Status
- Drilled during May 2026 (results announcement, 26 May 2026); awaiting testing 26 May 2026 ↗
- 27 May 2026 Spudded 5 May; good shows; testing mid-June
- 26 May 2026 Drilled in May 2026; awaiting testing
- 1 May 2026 Spud delayed again; rig under repair
- 16 Apr 2026 Spud delayed by rig maintenance; drilling costs funded
Review of UK and US projects
- 15 Dec 2025 Review promised for January 2026
Closed · 1
Company filings. Not investment advice.