Union Jack Oil plc (LON: UJO), a UK focused onshore hydrocarbon production, development and exploration company, today announced its audited results for the year ended 31 December 2018.
David Bramhill, Executive Chairman, commented,
“Union Jack’s strategy remains consistent with the objective of the Board to build a successful and sustainable UK-focused, onshore hydrocarbon production and development business.
“Marked progress was made in the year under review and in the post balance sheet period, in particular, our acquisition of an interest in PEDL183 containing the West Newton A-1 gas discovery, where the West Newton A-2 appraisal well is currently underway, and our increased interest to 27.5% in the Wressle-1 discovery.
“My confidence in respect of Union Jack’s future, since its incorporation, is at its optimum.
“The Company’s future remains bright.”
· Portfolio expanded with further selected asset value-accretive transactions in Wressle and Biscathorpe
· A 16.665% acquisition in PEDL183 containing the West Newton A-1 gas discovery with a Contingent Resource of 189 bcfe
· Increased proven reserves and level of resources
· The current drilling of the West Newton A-2 appraisal well
· Current cash balance in excess of £2.5 million, as at 1 May 2019
· Fully funded for all current drilling and testing requirements
· Production revenue increased by over 250%
· Company remains debt free