Bath-based Union Jack Oil (unionjackoil.com) has raised £1.4 million through its latest share placing.

The oil and gas exploration company plans to use the funds to increase its interests in existing licences within its portfolio, with management working towards completing acquisitions “in the near term”.

It said it is already “fully funded” for its “existing commitments”, which include the drilling of the Biscathorpe-2 and Holmwood-1 conventional exploration wells in Lincolnshire and Surrey.

Executive chairman David Bramhill said: “I would like to thank both existing shareholders and new investors for their financial backing in what was a significantly over-subscribed share placing.

“We are greatly encouraged by the tremendous level of support we have received.

“In the near term, we look forward to being able to provide details of the potential acquisition of additional interests within the company’s existing portfolio.

“Union Jack remains debt-free, and the company is fully funded for its current drill programme.”