Union Jack Oil plc an onshore oil and gas production company with a focus on drilling and development opportunities in the United Kingdom hydrocarbon sector, has given DirectorsTalk its unaudited results for the half year ended 30 June 2016.
Operational Highlights
-- Field Development Plan progressing to proceed with commercial production from the Wressle discovery expected to
commence in late Q4 2016
-- Acquisition of a 7.5% interest in PEDL143 containing the drill-ready Holmwood Prospect on trend with the Horse
Hill-1 discovery
-- Acquisition of an 8.33% interest in PEDL182 containing the Broughton North Prospect
Financial Highlights
-- Cash position in excess of GBP2 million as at 5 September 2016 -- Company remains debt free -- Company is fully funded for current planned drill programme and Wressle development
David Bramhill, Executive Chairman, commented: “Union Jack is well placed with a number of development, appraisal and drilling projects underway that are fully funded from our available cash resources.
We are not deviating from our strategy and we are continuing to see an escalation of the rewards of that focus.
I am pleased to offer a positive Half Yearly Report to our shareholders and I look forward to reporting on the progress of our asset base during the remainder of 2016 and beyond.”
