Oil production from the Wressle field in north Lincolnshire helped boost annual revenue by 349% for Union Jack, the company said today.
It also announced its first annual profit and record high cash balances.
In its accounts, Union Jack said revenue from oil sales was more than £8.5m in the year to December 2022. This compared with £1.89m in 2021.
The company’s annual net profit was £3.61m, up from a loss in 2021 of £0.853m.
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.