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).
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.