FINANCIAL AND OPERATIONAL HIGHLIGHTS
- Oil and gas revenues £1,556,482 (2025: £1,286,742)
- Gross profit £558,337 (2025: £454,401)
- Net loss before impairment £416,051 (2025: £489,674)
- Net assets £15,933,085 (2025: £21,381,077)
- Mineral Royalties portfolio delivers 11% annualised return on investment
POST REPORTING PERIOD EVENTS:
- Union Jack’s board (the 'New Board'), comprising Craig Howie and John Americanos, was voted in with the overwhelming support of shareholders
- The New Board’s initial priorities include reviewing the Company’s asset portfolio and right sizing the central cost base
- The Company is currently the subject of an all-share offer for its entire issued and to be issued ordinary share capital by Reabold Resources plc. The New Board unanimously recommends that Union Jack Shareholders should reject the offer
Craig Howie, Executive Chairman, commented:
'Upon my appointment to the New Board on 24 August 2026, I stated that Union Jack's priority must be an urgent right-sizing of its central cost base, particularly with regard to directors' remuneration. On this front, we have taken immediate action, which I am confident will be reflected in future reporting periods.
'Much improved corporate governance has been another immediate focus for your New Board, and I am pleased to report that we have now identified three excellent, suitably experienced and qualified independent Non-Executive Directors. These appointments, which are subject to the satisfactory completion of due diligence, customary regulatory approvals and formal board approval, are on track to be announced in October 2026.
'As I also expressed in late August, Union Jack’s New Board needs to preserve and increase value with more effective capital allocation decisions going forward. In this regard, we are being supported by a new and streamlined team of restructuring and technical advisers, who are leading a fresh commercial and technical approach. The results of this work have been very promising so far, and I believe that we have quickly developed a strong understanding of our various projects onshore UK and in Oklahoma.
'I would like to express particular thanks to our principal operating partners, Egdon Resources and Reach Oil & Gas, who demonstrated a clear willingness to engage with the New Board at the earliest opportunity, and whose spirit of collaboration has since provided us with confidence in our ability to navigate both challenges and opportunities within a robust framework going forward.
'In addition, I would like to thank my fellow Executive Director John Americanos, whose professional background as a senior Chartered Certified Accountant and general commercial awareness have proved invaluable, as Union Jack has transitioned to new management and the business is stabilised.
'I remain grateful for the support of Union Jack shareholders and very much look forward to providing further updates in due course.'
Source: Union Jack
