Union Jack Oil PLC (AIM: UJO) Final Results for the Year Ended 31 December 2017
David Bramhill, Executive Chairman, Union Jack Oil PLC (AIM: UJO) Talks about today’s RNS Update
Union Jack Oil plc (AIM: UJO) an onshore exploration and production company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector, is pleased to announce its audited results for the year ended 31 December 2017.
Operational Highlights
- Portfolio expanded with selective, value accretive asset transactions through further interests in Wressle and Biscathorpe
- Proven resources and reserves increased
- Oil production profile expanded via acquisition of interests in Fiskerton Airfield and Keddington oilfields
- Prepared for the drilling of two significant conventional prospects Biscathorpe-2 and Holmwood-1
Financial Highlights
- Cash balance in excess of £2.0 million as at 30 April 2018
- £1.25 million (before expenses) raised in March 2018 to expand further the Company’s asset portfolio
- The Company remains debt free
David Bramhill, Executive Chairman, commented:
“Considerable progress was made in the year under review and in the period up to the signing of these financial statements.
I am enthusiastic in respect of the year ahead and I look forward to reporting progress with our current projects and new acquisitions during 2018 and beyond.
The objective of your Board remains to build a sustainable and profitable conventional onshore hydrocarbon production and development business.”
