Business
Final Results for the Year Ended 31 December 2021
Final Results for the Year Ended 31 December 2021.
About this update from Union Jack Oil Plc
[{"type":"text","content":"\n \n \n This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (\"MAR\"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.\n \n \n \n \n \n 16 May 2022\n \n \n \n \n \n \n Union Jack Oil plc\n \n \n \n \n (\"Union Jack\" or the \"Company\")\n \n \n \n \n Final Results for the Year Ended 31 December 2021\n \n \n \n \n \n \n \n \n Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon production, development and exploration company, is pleased to announce its audited results for the year ended 31 December 2021.\n \n \n \n \n \n \n Operational Highlights\n \n \n \n •\n Successful proppant squeeze and coiled tubing exercise at Wressle resulted in an instantaneous flow rate of over 1,000 barrels of high-quality oil per day (\"bopd\") being achieved with zero water cut\n \n \n •\n Wressle-1 pressure test analysis by ERCE indicates potential flow rates of between 1,200 to 1,500 bopd are achievable\n \n \n •\n Wressle Revised Field Development Plan submitted to the North Sea Transition Authority (\"NSTA\") for approval\n \n \n •\n Results from West Newton EWT confirm substantial hydrocarbon discoveries within the Kirkham Abbey formation\n \n \n •\n Independent RPS Group ('RPS') review predicts initial average production rates of up to 35.6 million cubic feet of gas and 1,000 bopd from a horizontally drilled well at West Newton\n \n \n •\n Planning granted at West Newton for both A and B site works and three year permit extension\n \n \n •\n Completion of purchase of a further 15% interest in PEDL253 containing the Biscathorpe Prospect, bringing Union Jack's interest to 45%\n \n \n •\n Carbon Intensity Study on Biscathorpe Project rated AA by Gaffney Cline\n \n \n •\n Purchase of a 2.5% royalty interest in the North Sea Claymore, Piper and Scapa oilfields\n \n \n •\n Appeal against planning refusal at Biscathorpe submitted to Planning Inspectorate\n \n \n \n \n \n \n Financial Highlights\n \n \n \n •\n \n Oil revenues increased by over 1,000% during 2021\n \n \n •\n \n Maiden...