Union Jack Oil Plc's (AIM:UJO, OTCQB:UJOGF) decision not to release production numbers for its last year makes it difficult to assess why revenues fell, but lower commodity prices will have been a major factor says, Panmure Gordon.
Reserves were increased at Wressle with further development planned.
Other UK interests are progressing, albeit at a snail’s pace due to the onerous permitting and planning rules in the UK and the decision to move into the US appears to be an astute one with significant upside.
Panmure sees more companies following UJO’s move as the UK becomes harder and less attractive to invest in from an O&G perspective.
Shares were 22.75p.