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Union Jack Oil PLC on Monday confirmed a takeover approach from fellow AIM listing Reabold Resources PLC. Union Jack is a Bath, England-based onshore fuel producer in the UK and US, while Reabold is a London-based investor in the oil and gas sector. Shares in Union Jack jumped 25% to 4.20 pence each on Monday morning in London, giving it a market capitalisation of £6.2 million, while Reabold traded 0.5% lower at 88.10p per share, for a market cap of £12.8 million. On June 1, Union Jack received a non-binding indicative offer letter from Reabold regarding a possible all-share takeover, which it is currently reviewing. Union Jack has granted Reabold due diligence access and discussions are ongoing, though Union Jack warned there is no certainty an offer will be made or proceed. Under UK takeover rules, Reabold has until July 13 to announce a firm intention to make an offer or walk away, unless an extension is granted. Union Jack advised that its shareholders take no action. Union Jack swung to a pretax loss of £6.9 million in 2025 from profit of £406,218 in 2024. Revenue slipped 37% to £2.5 million from £3.9 million, but the company maintained confidence in the ‘successful transition of focus’ to activities in the US. Chair David Bramhill said last month: ‘I am confident that an increase in drilling, appraisal and development activity currently being evaluated in the pursuit of growth from our balanced UK and US portfolios has the potential for notable value creation for shareholders.’ Separately, Reabold disclosed in early June that it had entered an exclusivity agreement granting Zenith Energy Ltd exclusivity to assess the potential acquisition of Reabold’s shares in Daybreak Oil and Gas. Reabold owns around 42% of the latter’s outstanding ordinary shares. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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