Union Jack Oil plc reported a transformative six months of the year with its inaugural profits attributed to the Wressle joint venture onshore oil and gas project in Lincolnshire.
FINANCES
The company’s unaudited results for the half year ended 30 June 2022 showed revenues soared to £4,384,254 (H1 2021: 241,467).
Gross profit swung to a profit of £2,034,086 (H1 2021: loss £833,446).
Union Jack holds cash and equivalents of £6,503.962 (H1 2021: £4,672,508) and remains debt free.
OPERATIONS
To date, the company’s flagship project at Wressle has produced more than 225,000 barrels of high-quality oil (gross) with zero water cut.
The project has approvals for production phase until 2039.
Union Jack said it was fully funded for future potential wells over projects at West Newton, Biscathorpe and Keddington, along with other future development programmes at Wressle.
STRENGTHS
Executive chairman David Bramhill added that the company maintained its “unwavering objective” to become a mid-tier company.
“We look forward to the remainder of 2022 and reporting on a number of fronts, including our dividend and share buyback policy, the GaffneyCline report and RPS competent persons report for Wressle and West Newton respectively, both of which I am confident will confirm the future operational and financial strengths of these two flagship projects.
“The future of Union Jack remains bright.”