Union Jack Oil PLC (LON:UJO) is “well placed”, according to executive chairman David Bramhill, who highlights that the company has a number of development, appraisal and drilling projects underway.
These opportunities are fully funded from existing cash resources, he added.
The UK focussed oil and gas junior this morning released financial results for the six months ended June 30, and revealed that as of September 2 it had a cash position in excess of £2mln and remains debt free.
A key focus is the group’s stake in the Wressle oil discovery, where first production is expected in late 2016.
Notable highlights for the six month period included the acquisition of stakes in the Holmwood and Broughton North prospects.