Union Jack Oil plc (AIM: UJO and OTCQB: UJOGF), a USA and UK focused onshore oil and gas production, development and exploration company, is pleased to announce its unaudited results for the six months ended
30 June 2025.
FINANCIAL AND OPERATIONAL HIGHLIGHTS
· Oil and gas revenues £1,286,742 (2024: £2,338,710)
· Gross profit £454,401 (2024: £1,338,776)
· Reported net loss £489,674 (2024: profit £788,996)
· Net assets £21,381,077 (2024: £22,281,627)
· Mineral Royalties portfolio delivers 18% return on investment
· Zero debt
· Moccasin well was successfully drilled and brought onto production in Oklahoma
Post Balance Sheet Events:
· Institutional share placing raised gross proceeds of £2,000,000
· Keddington Oilfield, onshore UK, back online after extensive site upgrades
· Significant upgrades underway at flagship Wressle production site onshore UK
· Three well 2025 H2 drilling programme commenced in Oklahoma with the Sark well currently undergoing production testing
David Bramhill, Executive Chairman, commented: “The Half Yearly results are operationally positive with the Company remaining in a strong position, free of debt, retaining a robust balance sheet and holding a balanced portfolio of production assets on both sides of the Atlantic, complemented with numerous drilling and development projects that are either currently active or are planned for the near future.
“Union Jack’s asset strategy and geographical diversification delivers durability across its key projects, encompassing both the UK and the USA.
“In the six month period under review, although the Company recorded a gross profit of £454,401, an operating loss of £489,674 was reported. These figures reflect a sharp decline in the oil price and a continuing downward trend in the value of the US dollar against Sterling.
“Progress has been seen throughout the period under review, both in the UK and in Oklahoma USA, our additional area of focus where we have experienced material success with the Moccasin1-13 oil discovery, now in production, producing at a restricted gross 60+ barrels of oil per day.
“Net barrels of oil equivalent production per day (“boepd”) across the production portfolio in the six months under review averaged 149 boepd (2024: 198 boepd) and is currently producing at circa 164 boepd.
“Cash flows from our exceptional flagship development, Wressle (Union Jack 40%) and the Keddington Oilfield (Union Jack 55%), where production has recently been reinstated following site upgrades, continue to bolster the Company’s Balance Sheet and are contributing significantly to its financial well-being.
“At Wressle, the development programme is progressing, with preparation for new wells and gas monetisation which will enhance production and eliminate routine flaring. In parallel, the site’s surface facilities are being upgraded to optimise current and future production efficiencies.
“West Newton, another key project within Union Jack’s portfolio, retains the potential to surprise positively. Reabold Resources plc, the indirect majority holder of PED183, is working closely with the Company to extract the material value that we feel is present within the licence area.
“To date, our discovery success rate in the USA has been 100%. There will likely be some highs and lows in our quest for growth, however, I remain confident that our increased activity will accelerate progress and continue to support our growth ambitions going forward.
“During July 2025, the Company raised £2,000,000 before expenses via a placing, bringing some welcomed quality institutional investors to our shareholder register. The net proceeds are being used to conduct a three well drilling programme in Oklahoma with our drilling partners, Reach Oil & Gas Inc. (“Reach”). During the remainder of 2025, Union Jack will be involved in testing and completion of Sark, followed by drilling of the Crossroads and Wolverine wells in Oklahoma.
“The Company has a clear focus and the funding in place to complete its Oklahoma drilling programme.
“Meanwhile, in the UK, we are beginning to see some distinct signs of life in the supressed oil and gas sector and are keeping a watchful eye on wider industry developments as major international oil companies including BP return their focus to their “grass roots” E&P businesses. We are encouraged by this and will continue to pursue our own goals of production expansion and development at our key projects.
“I take this opportunity to thank our shareholders both old and new for their continued support, as well as my co-directors and advisers, both in the UK and USA, all of whom continue to contribute towards the development and growth of the Company.
“The future of Union Jack remains bright.”
For further information please contact the following:
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Union Jack Oil plc |
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David Bramhill |
