{"id":97106,"title":"David Bramhill, Executive Chairman, Union Jack Oil (AIM: UJO) London Studio Interview","publisher":"Share Talk","author":"sharetalk","published":"2022-05-19T11:03:47+00:00","modified":"2022-05-19T15:28:23+00:00","canonical_url":"https://www.share-talk.com/david-bramhill-executive-chairman-union-jack-oil-aim-ujo-london-studio-interview/","markdown_url":"https://www.share-talk.com/david-bramhill-executive-chairman-union-jack-oil-aim-ujo-london-studio-interview.md","json_url":"https://www.share-talk.com/david-bramhill-executive-chairman-union-jack-oil-aim-ujo-london-studio-interview.json","category":"Energy","categories":["Energy","Exclusive Interviews"],"tags":["3D seismic data","Biscathorpe","Biscathorpe-2","Claymore","David Bramhill","development","EDR","Egdon Resources","Egdon Resources U.K","EOG","Europa Oil & Gas","Fiskerton Airfield","gas","Graham Bull","Humber Basin","Humber Oil & Gas Limited","HYDROCARBON","Keddington","North Sea","oil","oilfield","onshore hydrocarbon","PEDL253 licence","Piper","production","Scapa","side-track","South Humber Basin","UJO","Union Jack Oil","Union Jack Oil plc","Weald Basin","West Newton","West Newton A-2","Wressle","Wressle-1"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"Union Jack Oil the company has seen significant financial transformations with positive indicators and substantial revenues update, including Oil revenues increased by over 1,000% during 2021\n\nShare Talk invited David Bramhill, Executive Chairman, of Union Jack Oil (AIM: UJO) into the London studio to updated holders and explained what the future holds for the company.\n\nUnion Jack reported in its [final results](https://www.share-talk.com/union-jack-oil-plc-aimujo-final-results-for-the-year-ended-31-december-2021/) that oil sales of £1.894m for FY21, an increase from £0.158m for FY20, had had a “dramatic effect” on the company’s income statement.\n\nThis has led to the company reporting its first gross profit. It also reported that the company’s FY21 revenues have already been comfortably exceeded by net revenues of £2.877.\n\n[“The future of Union Jack remains bright.”](https://www.share-talk.com/union-jack-oil-plc-aimujo-final-results-for-the-year-ended-31-december-2021/)\n\nThe Company stated that significant revenue from Wressle development had benefited its financial health and significantly strengthened its balance sheet.\n\nAs of 31 December 2021, cash and cash equivalents were at £5.977m, as compared to FY20 £7.269m. It is still debt-free and its cash balance as of 9 May 2022 was £7.545m. Union Jack saw its losses drop to £0.853m, from £1.865m the previous year.\n\nUnion Jack claims that its financial situation means it can pay for all planned and operational CAPEX costs. This includes any drilling activities budgeted for a minimum of 12 months.\n\nSP Angel, a broker and nominated advisor to the stock, has given a strong buy rating. “In our opinion, production and cash flow from the Wressle fields have significantly transformed the company in the past 12 months. Investors can look forward to a busy period in planned drilling and development activity over the next 12 months, which has the potential for unlocking significant valuation upside.\n\nUnion Jack, which highlighted to shareholders its belief that hydrocarbons will play an important role in the future energy security of the UK as the world’s demand for energy rises post-COVID-19, and the economy recovers, believe that hydrocarbons will also continue to play an important role.\n\nThe company solicitors progressing legal work on Capital Reduction to enable the Company to execute a share-buy-back programme or dividend payment.\n\nNot forgetting the appeal against planning refusal at Biscathorpe submitted to Planning Inspectorate and has majority interests in West Newton, Keddington, Fiskerton Oilfield, and North Kelsey. Plus a 2.5% royalty interest in the North Sea Claymore, Piper and Scapa oilfields\n\nThe future certainly does look bright for this on-shore UK Small-Cap Oil and Gas producer."}