Sign up
Oil Capital

Union Jack Oil highlights “solid progress” in 2016

"2016 was a year that your board regards as one of solid progress where our company made significant headway in the face of the continuing low oil price and volatile stock markets."
Onshore oil well
UJO raised its stake in Wressle to 15%

Union Jack Oil PLC (LON:UJO) executive chairman David Bramhill, in its financial results statement, described 2016 as “one of solid progress”.

The onshore UK oil company noted operational highlights such as the competent persons report which estimated 14.8mln barrels of oil equivalent at UJO’s (now) 15% owned Wressle field.

Union Jack acquired a 7.5% interest in the Holmwood prospect, in PEDL 143, as well as increasing its holding in the Wressle discovery (most recently picking up an additional 3.33%, up to 15%, in March 2017).

WATCH: Union Jack Oil 'one of the lucky ones', says executive chairman

Bramhill said: "2016 was a year that your board regards as one of solid progress where our company made significant headway in the face of the continuing low oil price and volatile stock markets.

“Noteworthy were value adding transactions and operating events that resulted in an expansion of our portfolio of licence interests, transforming the status of Union Jack from a pure exploration company into one with actual oil and gas reserves.

“I am enthusiastic in respect of the year ahead and I look forward to reporting progress with our projects and new acquisitions during 2017 and beyond."

The company ended the period with £2mln of cash, and highlighted that it remains debt free.

It reported a £891,709 loss before tax.

Jamie_55a91591db06b.jpg
Why Invest In Union Jack Oil PLC? Read More Here

Register here to be notified of future UJO Company articles
View full UJO profile

Union Jack Oil PLC Timeline

View All

Related Articles

shutterstock_307983431_56fcfe530f76e.jpg
With USOP’s apparent period of inactivity coming to an end, however, McDonnell strikes an enthusiastic tone as he talked Proactive Investors through plans that could add much needed materiality to its much speculated upon potential.

© oil Capital 2017

Oil Capital, a subsidiary of Proactive Investors, acts as the vanguard for listed oil companies to interact with institutional and highly capitalised investors.
Headquartered in London, Oil Capital is led by a team of Europe's leading analysts and journalists, publishing daily content, covering all key movements in the Technology market.