Union Jack Oil , a profitable UK and USA focused onshore hydrocarbon production, development, exploration and investment company, has announced its audited results for the year ended 31 December 2024.
Copies of the Company's Annual Report will be posted to shareholders on or before 26 May 2025 and will be available on the Company's website: www.unionjackoil.com. The Company's AGM will be held in the George White Suite at The Bristol Hotel, Prince Street, Bristol BS1 4QF on Friday 27 June 2025 at 11.00 a.m.
Operational Highlights
- Wressle Competent Person's Report ("CPR") upgrades 2P Reserves by 263%
- West Newton Carbon Intensity Study given AA rating by GaffneyCline Associates
- Successful Andrews 1-17 and Andrews 2-17 oil and gas discovery wells in Oklahoma, USA, now in commercial production
- The Taylor 1-16 well in Oklahoma awaiting completion of the Hunton and Cromwell formations
- Commencement of the UK onshore Keddington Oilfield upgrade
- Acquisition of a 45% interest in the Rogers Secondary Recovery Project in Oklahoma, with post balance sheet positive results seen in pressure build up
- Further acquisition of revenue generating Mineral Royalty packages in the Bakken Shale, Permian Basin and Eagle Ford Shale, USA, delivering pleasing returns in excess of 25% on original investment
- Post Balance Sheet date, successful Moccasin 1-13 oil discovery in Oklahoma, now in production from the 1st Wilcox formation with two further oil-bearing formations to be completed
Financial Highlights
- Gross profit of £1,968,101 (2023: £3,298,844)
- Net profit of £649,213 (2023: £859,089)
- Basic earnings per share 0.61 pence (2023: 0.79 pence)
- Oil and gas revenues £3,929,722 (2023: £5,065,679)
- The Company continues to be debt free
David Bramhill, Executive Chairman, commented:
'The Board's confidence has once again been supported by the Company's profitable 2024 financial results, confirming its resilience, both financially and operationally.
'In the UK, Union Jack will remain focused on the development of its flagship project, Wressle, where the Operator and Joint Venture partners have high-value appraisal and development programmes planned for the future, in particular the unlocking of the material proven reserves of oil and gas that remain in place within the Penistone Flags formation. The Board is confident that within the Wressle development there remains significant upside which will support the Company with revenues for at least another decade.
'I also look forward to progress at West Newton. Encouragingly, the results from this key project, to date, signal a potentially highly valuable onshore project with resources comparable to those usually reported offshore. A significant onshore domestic gas resource, as indicated at West Newton, has the potential to become an important transition fuel in helping the UK achieve its 2050 Net Zero emissions target.
'At time of writing, Keddington is expected to be, following site upgrades, close to being operational and poised to deliver the Company additional revenues.
'Union Jack's initial success in the USA over the past 12 months, highlights the ease of entry and ability to execute our business in that country, justifying the Board's decision to seek further growth opportunities internationally to bolster the Company's robust production and appraisal assets in the United Kingdom.
'Our appetite for additional growth opportunities has been whetted by our recent positive experiences in the USA and discussions are at an advanced stage with Reach in respect of expanding our activities over the coming months and beyond.
'I believe the Board's optimism in our further expansion in the USA, executed alongside a proactive drilling and development campaign, will deliver material rewards in due course.
'I am confident that the increase in drilling, appraisal and development activity being evaluated in the pursuit of growth from our balanced UK and USA portfolios has the potential for notable value creation for shareholders. We believe our heightened activity and the expected additional news-flow generated, combined with effective investor engagement on both sides of the Atlantic, will continue to attract the ongoing support of our existing shareholders and the attention of new investors, broadening the appeal of the Company to a wider audience.
'The Company retains a strong Balance Sheet and a clear focus on the development of its assets both in the UK and the opportunity-charged USA. This includes a balanced portfolio of Mineral Royalties, along with the production assets that are now assembled, that are expected to contribute meaningful revenue and growth opportunities going forward.
'I take this opportunity to thank our shareholders for their continued support, as well as my co-directors and advisers, both in the UK and USA, all of whom continue to contribute towards the development and growth of the Company.
'The future of Union Jack remains bright.'
Source: Union Jack Oil
