# Union Jack Oil Plc PLC A Year of Solid Progress

- Link: https://www.directorstalkinterviews.com/union-jack-oil-plc-plc-year-solid-progress/412729197
- Published: 2017-05-16T07:07:22+01:00
- Author: Giles Arbor

**[Union Jack Oil](https://www.directorstalkinterviews.com/company/union-jack-oil-plc/ujo.l)
plc** ([LON:UJO](https://www.directorstalkinterviews.com/company/union-jack-oil-plc/ujo.l))
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.”

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