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 2022.
· Maiden profit of £2,034,086 for the six-month period ended 30 June 2022
· Revenue of £4,384,254 for the six-month period ended 30 June 2022
· Cash balances, receivables and liquid investments stand at approximately £10,500,000 as at 6 September 2022
· Company remains debt free
· Approvals for the Wressle Field Development Plan and licences for the production phase through to 2039 received from the North Sea Transition Authority (“NSTA”)
· Wressle currently amongst the most productive conventional producing UK onshore oilfields and poised to become second ranked only to the prolific Wytch Farm
· To date, our flagship project at Wressle has produced over 225,000 barrels of high-quality oil (gross) with zero water cut
· GaffneyCline Reserves and Resource Report, Illustrative Production Profile and Upside Potential of the Wressle Field are expected be published during September 2022
· Planning granted at West Newton for both A and B site works and three-year permit extension
· Joint Venture partners progressing with a conceptual development plan for West Newton, predominantly as a major gas producer
· First horizontal appraisal well at West Newton planned for 2023
· Completion of Competent Person’s Report, compiled by RPS Group covering West Newton and other significant prospects within PEDL183 expected by end of Q3 2022
· In March 2022, a cash payment of £2,083,333 was made to Calmar LP in respect of the early settlement of the deferred consideration for the past purchases of an additional 25% of interest in PEDL180 and PEDL182 containing the Wressle development, bringing the Company’s economic interest to 40%
· In August 2022, the High Court approved a Capital Reduction creating additional distributable reserves to the value of £21,553,557, providing the Company with flexibility to deliver future shareholder returns in the form of dividends and/or share buybacks
David Bramhill, Executive Chairman, commented: ” I am very proud to present a transformative set of Half Year results containing our maiden profit that reflects the years of determined effort by the Board of Directors, advisers and valued technical consultants with an unwavering objective to grow Union Jack into a mid-tier company.
“Our Operators also deserve great credit for their commitment in progressing our principal projects with the support of their Joint Venture partners.
“Union Jack is currently 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 2022.
“Union Jack continues to be cash flow positive covering all G&A, OPEX and contracted or planned CAPEX costs, including any drilling activities for at least the next 12 months.
“We look forward to the remainder of 2022 and reporting on a number of fronts, including our dividend and share buyback policy, the GaffneyCline Report and RPS Competent Persons Report for Wressle and West Newton respectively, both of which I am confident will confirm the future operational and financial strengths of these two flagship projects.
“The future of Union Jack remains bright.”
For further information please contact the following:
Union Jack Oil plc
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