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Union Jack Oil highlights period of portfolio expansion

The UK-focused onshore explorer increased its stakes in the Wressle and Biscathorpe projects during the first half

oil and gas operations
It is now supported by co-investor and partner Humber Oil & Gas

Union Jack Oil PLC (LON:UOG) chairman David Bramhill highlighted a period of portfolio expansion as the UK onshore oiler released its half-yearly results statement.

Two transactions topped up UJO’s interests in the Wressle and Biscathorpe projects, meanwhile, a new partnership agreement with Humber Oil & Gas was reached, to support growth through new opportunities.

Humber now acts as a funding partner, joining the company as a co-investor in its efforts to pick up stakes in new ventures.

"The addition of material interests in the Biscathorpe and Wressle projects during the period under review both materially enhance Union Jack's oil reserves and resources and increase significantly the upside risk value potential in the fully funded prospective high impact conventional well at Biscathorpe-2 planned to be spudded following completion of construction of the well site,” Bramhill said.

READ: Union Jack Oil emphasises ‘balanced portfolio’ as Holmwood venture is frustrated

"The company will benefit materially if either of these key projects is successful given the considerable upside value potential in each to Union Jack."

He added: "I look forward to commenting further on each of these drilling and development projects during the coming months."

Wressle remains UJO’s most advanced project, albeit the frustrations around planning permissions have continued.

Elsewhere, operationally, UJO has seen success with workover programmes for production wells at the Fiskerton Airfield project.

The junior exploration and production firm reported a £418,759 loss, after generating £73,044 of revenue. It ended June with £109,969 of cash, having raised £1.25mln of new capital in March.


Quick facts: Union Jack Oil PLC

Price: 0.1147 GBX

Market: AIM
Market Cap: £17.71 m

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