Union Jack Oil PLC (AIM:UJO) has reported a maiden profit in its latest interim results which the company described as transformative.
The company recapped a period that saw revenues at its Wressle field continue to beat expectations. The company’s flagship project has to date produced more than 225,000 barrels of high-quality oil, gross.
Union Jack reported revenue for the six months ended June 30, 2022, of $4.38mln, with its profit coming in at £2.03mln. The company noted that it remains debt free.
"Union Jack is currently in a strong financial position with a combination of consistent cash flows, principally from our flagship asset at Wressle, plus significant future upside potential from our balanced portfolio, giving Union Jack the confidence to support a forward drilling and development programme on our key projects that is being planned for the remainder of 2022,” said Union Jack executive chair David Bramhill in the results statement.
"Union Jack continues to be cash flow positive covering all G&A, OPEX and contracted or planned CAPEX costs, including any drilling activities for at least the next 12 months," he added.
"We look forward to the remainder of 2022 and reporting on a number of fronts, including our dividend and share buyback policy, the GaffneyCline Report and RPS Competent Persons Report for Wressle and West Newton respectively, both of which I am confident will confirm the future operational and financial strengths of these two flagship projects. The future of Union Jack remains bright," Bramhill concluded.