Union Jack Oil, a USA and UK focused onshore oil and gas production, development and exploration company, has announced its unaudited results for the Half Year ended 30 June 2024.
FINANCIAL AND OPERATIONAL HIGHLIGHTS
- Net profit of £788,996 (2023: £572,263)
- Gross profit of £1,338,776 (2023: £1,608,973)
- Basic earnings per share 0.74 pence (2023: 0.52 pence)
- Oil revenues £2,338,710 (2023: £3,584,866)
- The Company continues to be debt free
- Post Balance Sheet date, a dividend of 0.25 pence per ordinary share was paid during July 2024
- Positive set of results confirms the Company is in a strong position with revenues and profitability being delivered from the UK and USA
- Wressle Competent Person's Report upgrades recoverable Reserves by 263%
- Planning consent received from North Lincolnshire Council ("NLC") for the further development of Wressle
- Acquired a balanced portfolio of USA Mineral Royalties for approximately US$1,000,000 generating a 20%+ return on capital invested to date
- Successful early drilling campaign with Oklahoma, USA based, Reach Oil & Gas Company Inc ("Reach"), resulting in the discovery of the Andrews field
- Acquisition of a 45% interest in the Rogers secondary recovery project
- Moccasin, Taylor and Diana-1 wells planned to be drilled during Q4 2024
- Share trading facility obtained on the OTCQB Venture Market in the USA
David Bramhill, Executive Chairman, commented: 'The Board's confidence in Union Jack's continued growth is evidenced by the Company's solid and profitable 2024 Half Yearly financial results, confirming its resilience, both financially and operationally.
'Union Jack's entry into the USA has to date vindicated the Board's decision to secure complementary international growth projects, designed to supplement existing domestic cash flow, without the punitive tax regime now being seen within the UK.
'The Board is optimistic that in the medium-term, Union Jack will experience exceptional growth assisted by its expanding portfolio of multiple cash-generating projects in the UK and USA.
'In the UK, Union Jack remains focused on the continuing development of its flagship project, Wressle, where the Operator and partners have enterprising, near-term expansion planned. The Board is of the opinion that, within Wressle, where planning consent is in place, there remains significant material upside which will support the Company with revenues for at least another decade. West Newton and Keddington also continue to rank highly within the Company's portfolio of UK assets.
'However, it is not difficult to be confident of the opportunities presented in Oklahoma, the scene of our rapid growth strategy, where we are already seeing income from our 45% interest in the Andrews field and the start of a three well drilling campaign, planned for Q4 2024.
'Union Jack's success in the USA, from a standing start in early 2024, highlights the ease of entry and ability to execute business there, justifying the Board's decision to seek further growth opportunities internationally to bolster the Company's flagship production and appraisal assets in the UK.
'The foundations of Union Jack's growth plan in the USA are being laid swiftly and unhindered.
'The Board has confidence in the significant increase in drilling, appraisal and development activity now planned in the pursuit of growth from our balanced UK and USA portfolios where each has the potential for significant value creation for shareholders. We believe our heightened drilling and development 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 future of Union Jack remains bright.'
Source: Union Jack Oil
