AIM-listed Union Jack Oil, a UK focused onshore hydrocarbon production, development and exploration company, has announced its audited results for the year ended 31 December 2022.
Operational Highlights
- Approvals for the Wressle Field Development Plan and licences for the production phase through to 2039 received from the North Sea Transition Authority ('NSTA')
- Wressle is currently the second most productive conventional producing onshore oilfield in the UK
- ERCE commissioned to review the reserve and resource potential of the Wressle field through a new Competent Person's Report ('CPR')
- Planning for the drilling of additional wells at West Newton approved by the East Riding of Yorkshire Council ('ERYC')
- RPS delivered a positive revised CPR on West Newton, where a horizontal well is planned to be drilled during H2 2023
- Biscathorpe appeal heard - awaiting decision from the Planning Inspectorate
- North Kelsey appeal hearing set for June 2023
Financial Highlights
- Maiden net profit of £3,606,624 post tax
- Oil revenues increased by 340%
- Basic earnings per share increased by over 485%
- Cash balances and near-term receivables stand in excess of £9,750,000 as at 12 May 2023
- Debt free
- Funded for all operational, contracted and planned CAPEX costs, including budgeted drilling activities for at least the next 12 months
- Capital Reduction granted for share buy-back programme and the payment of a 0.8 pence Maiden Special Dividend during December 2022
- Post period end an Interim Dividend of 0.3 pence declared to be paid July 2023
David Bramhill, Executive Chairman, commented:
'The Company will remain focused on the development of its flagship projects, Wressle and West Newton, where the respective Operators and joint venture partners have ambitious appraisal and development programmes planned.
'I am confident that the news-flow emanating from our balanced portfolio which contains elements of production, development, appraisal and exploration, will continue to attract the attention of shareholders and investors and generate support for the Company in its pursuit of shareholder value.
'Union Jack is in sound financial health with a robust balance sheet, continues to be free of debt and has significant cash reserves with no requirement to raise capital for its planned operations for at least the next 12 months.
'The future of Union Jack remains bright.'
Click here for full announcement
Source: Union Jack Oil
