Union Jack Oil plc’s oil production profile has expanded with proven resources and reserves increased

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

 

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