RNS Number : 3795A
Gunsynd PLC
23 May 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 its second well, Canyon 1, was spudded on 8 May 2023, and that it had reached total depth of 4,000m on 21 May 2023, with wireline logging underway. Canyon 1 intersected 234m of the Kianga Formation and encountered significant gas shows from 3,506m down. The formation thickness in Canyon 1 was thicker than that intersected in Canyon 2. In comparison to Canyon 2, which intersected 293m of Kianga and upper Back Creek, Canyon 1 has intersected 424m of gas-rich zone.

 

Omega further stated that planning is underway for a hydraulic stimulation programme later this year.

 

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:

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

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDSEDFFDEDSEEI