Union Jack Oil plc an onshore exploration and production company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector, has given DirectorsTalk its audited results for the year ended 31 December 2015.
Operational Highlights
— Successful hydrocarbon discovery at Wressle and decision to develop with a view to commencing commercial production during H2 2016
-- The acquisition of a 10% interest in PEDL005(R) incorporating the Keddington Oilfield
Financial Highlights
-- Cash balance in excess of GBP2.6 million as at 30 April 2016
— GBP800,000 before expenses raised in October 2015 to further expand the Company’s asset portfolio
-- The Company remains debt free
David Bramhill, Executive Chairman, commented: “2015 has proved to be a successful year for the Company. Union Jack is in a sound position with an interest in a discovery at Wressle, which is moving closer to development, with a view to commencing commercial oil production during H2 2016, together with a healthy cash balance to progress its existing portfolio of drill-ready potentially high impact exploration prospects. In addition, Union Jack has firm intentions of expanding its interests in other areas of the UK.
I am enthusiastic in respect of the year ahead and I look forward to reporting progress with our projects and new acquisitions during 2016 and beyond.”
