Union Jack Oil PLC The future remains bright

Union Jack Oil plc (LON:UJO), a UK-focused, onshore oil and gas exploration and production company, has today announced its unaudited results for the Half Year ended 30 June 2017.

Highlights

· Further acquisition to 15% in PEDL180 and PEDL182 containing the Wressle discovery, providing additional proven reserves in an attractive development and appraisal project

· Company is fully funded for current planned drill programme including Holmwood-1 and Biscathorpe-2 wells and further production acquisition

· Company remains debt free

David Bramhill, Union Jack Oil Plc Executive Chairman, commented: “The next six months for Union Jack are expected to be particularly active with drilling of the high-impact Holmwood-1 and Biscathorpe-2 conventional exploration wells.

We believe our onshore focus and low-cost business model, combined with actively managing the risk profile of each asset, ensures we meet our stated objective of building a balanced, low-risk portfolio combining appropriate components of production, appraisal, discovery and exploration.

I look forward to reporting further on the progress of our existing projects and any potential new project we bring to our portfolio.

The future of Union Jack remains bright.”

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Written by: Giles Arbor

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