Union Jack Oil plc (LON: UJO), a UK focused on-shore hydrocarbon production, development and exploration company today confirmed that, further to the announcement dated 16 April 2019, it has now completed the sale of its 7.5% interest in PEDL143 to UK Oil & Gas PLC.
Union Jack Oil plc Completion of Sale of Interest in PEDL143
- Written by: Charlotte Edwards
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Union Jack Oil reported revenues of £1.29m and a net loss of £489k for the six months to 30 June 2025, reflecting lower oil prices. The Company remains debt-free with net assets of £21.4m, supported by an 18% return from its mineral royalties portfolio.
Union Jack Oil has provided an update on the Sark well in Central Oklahoma, where it holds a 60% interest. The well was drilled to 5,391 feet, with the Prue interval identified as hydrocarbon bearing.
Union Jack Oil has confirmed that the Sark well in Central Oklahoma has been spudded, with the company holding a 60% interest. The well is operated by Reach Oil and Gas Inc., and follows the recent success of the producing Moccasin well.
Union Jack Oil Non-Executive Director Craig Howie has acquired 122,000 shares at 5.075 pence each, raising his total holding to 3,377,000 shares, representing 2.21% of the company’s issued share capital.
Union Jack Oil has announced early-stage plans to monetise gas from its West Newton discovery by powering on-site Bitcoin mining operations. A non-binding LOI has been signed with Texas-based 360 Energy to develop a gas-to-crypto solution, aiming to generate near-term revenue while full field development progresses.
Union Jack Oil has scheduled a General Meeting for 26 August 2025 to seek shareholder approval for the issue of warrants linked to its recent fundraising. The meeting will be held at The Bristol Hotel, with full details available on the company’s website.
