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.”
