Union Jack Oil plc (LON:UJO) an onshore exploration and production company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector, has today announced its audited results for the year ended 31 December 2016.
Operational Highlights
· Competent Persons Report indicates gross hydrocarbons in place at Wressle-1 to be 14.8 million barrels of oil equivalent
· Acquisition of a 7.5% interest in PEDL143 incorporating the drill-ready Holmwood Prospect
· Acquisition of a further 3.34% in PEDL180 and PEDL182 containing the Wressle-1 discovery. Subsequent to the year end, a further 3.33% was acquired in March 2017 (subject to OGA approval), bringing Union Jack’s combined interest to 15%
Financial Highlights
· Cash balance in excess of £2.0 million as at 30 April 2017
· £700,000 before expenses raised in September 2016 to further expand the Company’s asset portfolio
· The Company remains debt free
David Bramhill, Union Jack Oil Plc Executive Chairman, commented: “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.”
