Gunsynd PLC Omega Oil & Gas - Investee Company Update (0037R)
October 23 2023 - 9:27AM
UK Regulatory
TIDMGUN
RNS Number : 0037R
Gunsynd PLC
23 October 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:
-- Estimated maiden gross 2C contingent resources of 1.73
trillion cubic feet ("TCF") and 3C contingent resources of 4.5 TCF
across Omega Oil and Gas' 100% owned ATPs 2037 and 2038 in
Queensland's Taroom Trough.
-- Net 2C contingent resources comprise 1.51 TCF Gas and 68.6
million barrels (MMBBLS) of condensate.
-- The independent resource assessment, based on the Canyon
drilling campaign results, was conducted by Netherland, Sewell
& Associates, Inc., a global leader in petroleum property
analysis.
-- Allocated resources based on a modelled average reservoir
thickness of 27m in the Kianga Formation which is 221m thick at the
site of the Canyon 2 well.
-- Strong growth potential, with further assessment to be
considered on other hydrocarbon-bearing reservoirs within the
Kianga Formation and the Back Creek Group, which are highly
prospective.
-- The next phase of exploration and appraisal includes an
innovative horizontal well targeting the Kianga Formation and a
multi-stage stimulation.
-- The $21 million capital raising completed on 8 August 2023
fully funds the next stage of exploration and appraisal.
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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