Union Jack Oil plc recorded its first net profit of £3,606,624 post tax from a 340% increase in oil revenues mainly from the Wressle joint venture in the East Riding of Yorkshire.
The company’s audited results for the year ended 31 December 2022 showed revenues from oil sales of £8,507,050 (2021: £1,894,875) from Wressle as well as Keddington and Fiskerton Airfield oil fields in North Lincolnshire.
The company’s profit, compared with a loss of £853,013 for 2021, includes impairments to property, plant and equipment of £478,584 (2021: £156,995).
Administrative expenses, excluding impairment costs, decreased to £1,665,174 (2021: £1,740,962) due to lower share based costs for share options.
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.