Union Jack Oil plc (LON: UJO and OTCQB: UJOGF), a USA and UK focused onshore oil and gas production, development and exploration company, has announced its unaudited results for the Half Year ended 30 June 2024.
FINANCIAL AND OPERATIONAL HIGHLIGHTS
• Net profit of £788,996 (2023: £572,263)
• Gross profit of £1,338,776 (2023: £1,608,973)
• Basic earnings per share 0.74 pence (2023: 0.52 pence)
• Oil revenues £2,338,710 (2023: £3,584,866)
• The Company continues to be debt free
• Post Balance Sheet date, a dividend of 0.25 pence per ordinary share was paid during July 2024
• Positive set of results confirms the Company is in a strong position with revenues and profitability being delivered from the UK and USA
• Wressle Competent Person’s Report upgrades recoverable Reserves by 263%
· Planning consent received from North Lincolnshire Council (“NLC”) for the further development of Wressle
· Acquired a balanced portfolio of USA Mineral Royalties for approximately US$1,000,000 generating a 20%+ return on capital invested to date
· Successful early drilling campaign with Oklahoma, USA based, Reach Oil & Gas Company Inc (“Reach”), resulting in the discovery of the Andrews field
· Acquisition of a 45% interest in the Rogers secondary recovery project
· Moccasin, Taylor and Diana-1 wells planned to be drilled during Q4 2024
· Share trading facility obtained on the OTCQB Venture Market in the USA
