Union Jack Oil PLC (LON:UJO) has responded to market to market speculation that it is considering raising funds.

In a statement, Union Jack said it is funded for drilling at West Newton and for the associated extended well test activity, and to first oil production at the Wressle development expected in final quarter of 2020.

”It is intended that the proceeds of any such fundraising will principally be used to continue to fund the company’s flagship and other projects, and additional opportunities.”

Shares fell 1.4% to 0.18p, but they had been at 0.3p around a month ago.