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Reabold Resources PLC on Wednesday announced that it has agreed to buy Union Jack Oil PLC, an onshore fuel producer in the UK and US. Reabold, a London-based investor in the oil and gas sector, said the takeover values Union Jack Oil at about £6.1 million. Each Union Jack Oil shareholder will receive 0.051 new Reabold shares for every Union Jack Oil share. Back in mid-June, Union Jack Oil had confirmed a takeover approach from Reabold. Reabold on Wednesday said that when the takeover completes, the enlarged company will have a combined market capitalisation of around £17.8 million. The acquisition, agreed by the boards of both companies, is expected to become effective by the end of 2026 at the latest. Reabold said it is well-funded for its upcoming work programme, including the West Newton recompletion. West Newton is a gas development project onshore within the PEDL183 licence in East Yorkshire. Reabold Chair Jeremy Edelman said: ‘We believe the proposed combination with Union Jack represents a compelling opportunity for Reabold shareholders. It would create a larger, more diversified and better capitalised company with a strengthened UK onshore oil and gas platform, providing balanced exposure to producing and development assets, improved access to funding, and the potential to deliver long-term shareholder value through increased scale, operational efficiencies, strategic synergies and disciplined capital allocation.’ Union Jack Oil Executive Chair David Bramhill said: ‘The offer has a compelling strategic rationale, creating a more substantial and better capitalised oil and gas company with complementary assets and aligned objectives. The combination of Union Jack and Reabold will create a strengthened onshore oil and gas company in both the UK and internationally with a balanced portfolio of near-term production, appraisal and high-impact development opportunities in the pursuit of future value creation. The combination will deliver a better capitalised business and more diversified portfolio with enhanced scale in the UK and increased international reach and the offer will enable Union Jack shareholders to participate in the future value creation of the enlarged group.’ Union Jack Oil shares were flat at 6.67p each on Wednesday afternoon in London, while Reabold shares were 1.2% higher at 81.98p each. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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