Gunsynd PLC Omega Oil & Gas - Investee Company Update (1502W)
April 13 2023 - 7:15AM
UK Regulatory
TIDMGUN
RNS Number : 1502W
Gunsynd PLC
13 April 2023
Gunsynd PLC
("Gunsynd" or the "Company")
Omega Oil & Gas - Investee Company Update
Gunsynd Plc (AIM: GUN, AQSE: GUN) notes the announcement by its
investee company Omega Oil and Gas Limited ("Omega"), an ASX listed
Australian energy and resources company focused on natural gas
exploration and oil production (ASX: OMA), on its Basin-Centred Gas
drilling campaign.
Omega stated that the Canyon-2 well was spudded on 19th March
2023, and that it has reached a total depth of 3807m Measured Depth
Rotary Table ("MDRT"), drilling through the Kianga Formation and
the upper Back Creek Group. The rig is pulling out of the hole to
run wireline logs. The results to date are positive and have
exceeded Omega's expectations. The well will be suspended for
completion before hydraulic stimulation and flow testing during the
next phase. Omega will be analysing the data from the well and will
utilise existing completion and production data from surrounding
wells to inform the design of the stimulation program and enhance
the chances of success.
The Kianga Formation is the primary target of Omega's current
exploration programme and was intersected at 3367m. Gas was
recorded while drilling over the entire 221m interval of the Kianga
Formation.
Gunsynd subscribed for 450,000 shares at AUD 20 cents per
ordinary share for a total consideration of AUD$90,000
(approximately GBP50,000) as part of the IPO fundraising announced
on 25 October 2022.
Forward Looking Statements
This announcement contains forward-looking statements relating
to expected or anticipated future events and anticipated results
that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the Company's ability to execute
and implement future plans, and the occurrence of unexpected
events. Actual results achieved may vary from the information
provided herein as a result of numerous known and unknown risks and
uncertainties and other factors.
The Directors of Gunsynd accept responsibility for this
announcement.
For further information, please contact:
Gunsynd plc
Hamish Harris/ Peter Ruse +44 (0) 78 7958 4153
Cairn Financial Advisers LLP
James Caithie / Liam Murray +44 (0) 20 7213 0880
Peterhouse Capital Limited
Lucy Williams +44 (0) 20 7469 0936
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END
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