Union Jack Oil plc (“Union Jack” or the “Company”), a UK focused onshore conventional oil and gas production, development and exploration company, is pleased to announce its unaudited results for the Half Year ended 30 June 2023.
FINANCIAL AND OPERATIONAL HIGHLIGHTS
· For the six-month period ended 30 June 2023:
o Gross Profit of £1,608,973
o Net Profit of £572,263
o Revenue of £3,584,866
· Cash balances, receivables and liquid investments stand in excess of £9,250,000 as at
8 September 2023
· Robust Balance Sheet, cash generative and debt free
· All current projects funded for at least the next 12 months without recourse to Capital Markets
· Wressle is amongst the most productive conventional producing UK onshore oilfields with nearly 500,000 barrels of high-quality oil having been produced from the Ashover Grit formation alone
· Wells planned for Keddington, Wressle and West Newton
· Ongoing evaluation of new projects offering short-term cash-flow, rapid payback and accretive value
David Bramhill, Executive Chairman, commented: “I am very pleased to be again, able to present to the shareholders of Union Jack, a positive set of Half Yearly results, containing several highlights of note, including a sustained profit, a strong cash position and a robust Balance Sheet free of debt.
“These results reflect the determined effort by the Board of Directors, advisers and technical consultants, all who share the same objective to grow the Company with minimal dilution in the future.
“Union Jack remains in a strong financial position with a combination of consistent cash flows, principally from our flagship asset at Wressle, plus significant future upside potential from our balanced portfolio, giving Union Jack the confidence to support a forward drilling and development programme on our key projects that is being planned for the remainder of 2023 and beyond.
“Union Jack continues to be cash flow positive, covering all current G&A, OPEX and contracted or planned CAPEX costs, including any drilling activities for at least the next 12 months, without recourse to the Capital Markets.
“The future of Union Jack remains bright.”
For further information please contact the following:
Union Jack Oil plc
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