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Union Jack Oil results reflect a year of “considerable progress”

It was a year of portfolio building and progress for the onshore UK-focused minor, punctuated by improved production volumes and a number of acquisitions with value-adding potential
oil and gas operations
UJO has around £2mln of cash

Union Jack Oil PLC (LON:UJO) financial results for 2017 reflect a year of “considerable progress”, according to executive chairman David Bramhill.

The onshore UK oiler has continued to grow its portfolio, both during and after the reporting period, and, Bramhill described himself as “enthusiastic” about the future.

WATCH: Union Jack Oil's David Bramhill feeling confident about new Wressle application

Specifically in 2017, the company expanded its portfolio with ‘selective, value accretive asset transactions’ – taking additional interests in the Wressle and Biscathorpe assets – and it increased both oil resources and reserves.

Oil output volumes increased additionally, with the acquisition of interests in the producing Fiskerton Airfield and Keddington oilfields.

Meanwhile, the company continues to look forward to two significant conventional exploration wells, one at Biscathorpe and one at the Holmwood project.

Positive cash position

In terms of financial results, the junior oil company generated £46,203 of revenue (up from £22,119 in the preceding year) and it reported a £746,822 loss before tax.

The company ended the year with £1.57mln of cash and was debt free.

Last month, it brought in £1.25mln of new capital via an equity raise and, as of April 30, it had a cash balance in excess of £2mln.

Enthusiastic about the year ahead

David Bramhill, in the results statement, said: "Considerable progress was made in the year under review and in the period up to the signing of these financial statements.

“I am enthusiastic in respect of the year ahead and I look forward to reporting progress with our current projects and new acquisitions during 2018 and beyond.

“The objective of your Board remains to build a sustainable and profitable conventional onshore hydrocarbon production and development business."

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