Union Jack Oil PLC (AIM:UJO) executive chair David Bramhill described himself as confident that upcoming newsflow from the firm's portfolio will continue to support shareholder value.
Bramhill, in today’s final results statement covering the year ended 31 December 2022, highlighted that Union Jack is “in sound financial health with a robust balance sheet, continues to be free of debt and has significant cash reserves with no requirement to raise capital for its planned operations for at least the next 12 months”.
The year saw the company make its maiden profit, of just over £3.6mln after tax, driven by a 340% jump in oil revenues as the Wressle field continued to outperform in a strong oil price environment.
Union Jack, as of 12 May, had some £9.75mln of cash and near term receivables.
It is funded for all operational, contracted and planned CAPEX costs, including budgeted drilling activities for at least the next 12 months.
"The future of Union Jack remains bright," Bramhill said in the statement.
He added: “The company will remain focused on the development of its flagship projects, Wressle and West Newton, where the respective operators and joint venture partners have ambitious appraisal and development programmes planned.
"I am confident that the newsflow emanating from our balanced portfolio which contains elements of production, development, appraisal and exploration, will continue to attract the attention of shareholders and investors and generate support for the company in its pursuit of shareholder value.”