David Bramhill, Executive Chairman, commented: “Considerable progress was made in the year under review and in the period up to the signing of these financial statements. I am enthusiastic in respect of the year ahead and I look forward to reporting progress with our current projects and new acquisitions during 2018 and beyond. The objective of your Board remains to build a sustainable and profitable conventional onshore hydrocarbon production and development business.”
Union Jack Oil plc (AIM: UJO) an onshore exploration and production company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector, this morning announced its audited results for the year ended 31 December 2017.
Operational Highlights
á Portfolio expanded with selective, value accretive asset transactions through further interests in Wressle and Biscathorpe
á Proven resources and reserves increased
á Oil production profile expanded via acquisition of interests in Fiskerton Airfield and Keddington oilfields
á Prepared for the drilling of two significant conventional prospects Biscathorpe-2 and Holmwood-1
Financial Highlights
á Cash balance in excess of GBP2.0 million as at 30 April 2018
á GBP1.25 million (before expenses) raised in March 2018 to expand further the Company’s asset portfolio
á The Company remains debt free
