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 £50,000) 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: