Business
Final Results for the Year Ended 31 December 2016
Final Results for the Year Ended 31 December 2016.
About this update from Union Jack Oil Plc
[{"type":"text","content":"\n \nRNS Number : 1923F Union Jack Oil PLC 16 May 2017 \n\nThe information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n16 May 2017\nUNION JACK OIL PLC\n(AIM: UJO)\nFinal Results for the Year Ended 31 December 2016\n \nUnion Jack Oil plc (\"Union Jack\" or the \"Company\") an onshore exploration and production company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector, is pleased to announce its audited results for the year ended\n31 December 2016.\nOperational Highlights\n· Competent Persons Report indicates gross hydrocarbons in place at Wressle-1 to be 14.8 million barrels of oil equivalent\n· Acquisition of a 7.5% interest in PEDL143 incorporating the drill-ready Holmwood Prospect \n· Acquisition of a further 3.34% in PEDL180 and PEDL182 containing the Wressle-1 discovery. Subsequent to the year end, a further 3.33% was acquired in March 2017 (subject to OGA approval), bringing Union Jack's combined interest to 15%\nFinancial Highlights\n· Cash balance in excess of £2.0 million as at 30 April 2017\n· £700,000 before expenses raised in September 2016 to further expand the Company's asset portfolio \n· The Company remains debt free \nDavid Bramhill, Executive Chairman, commented: \"2016 was a year that your Board regards as one of solid progress where our Company made significant headway in the face of the continuing low oil price and volatile stock markets. Noteworthy were value adding transactions and operating events that resulted in an expansion of our portfolio of licence interests, transforming the status of Union Jack from a pure exploration company into one with actual oil and gas reserves.\nI am enthusiastic in respect of the year ahead and I look forward to reporting progress with our projects and new acquisitions during 2017 and beyond.\"\n \nFor further information please contact the following: \n\n\n\n\nUnion Jack Oil plc \n\n\n+44 (0)7787 160 682\n\n\n\n\nDavid Bramhill\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nSP Angel Corporate Finance L...