Business
Final Results for the Year Ended 31 December 2022
Final Results for the Year Ended 31 December 2022.
About this update from Union Jack Oil Plc
[{"type":"text","content":"\n\nThis 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 \n15 May 2023\nUnion Jack Oil plc\n(\"Union Jack\" or the \"Company\")\nFinal Results for the Year Ended 31 December 2022\n \nUnion 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\n31 December 2022.\nOperational Highlights\n• Approvals for the Wressle Field Development Plan and licences for the production phase through to 2039 received from the North Sea Transition Authority (\"NSTA\")\n• Wressle is currently the second most productive conventional producing onshore oilfield in the UK\n• ERCE commissioned to review the reserve and resource potential of the Wressle field through a new Competent Person's Report (\"CPR\")\n• Planning for the drilling of additional wells at West Newton approved by the East Riding of Yorkshire Council (\"ERYC\")\n• RPS delivered a positive revised CPR on West Newton, where a horizontal well is planned to be drilled during H2 2023\n• Biscathorpe appeal heard - awaiting decision from the Planning Inspectorate\n• North Kelsey appeal hearing set for June 2023\n \nFinancial Highlights\n• Maiden net profit of £3,606,624 post tax\n• Oil revenues increased by 340%\n• Basic earnings per share increased by over 485%\n• Cash balances and near-term receivables stand in excess of £9,750,000 as at\n12 May 2023\n• Debt free\n• Funded for all operational, contracted and planned CAPEX costs, including budgeted drilling activities for at least the next 12 months\n• Capital Reduction granted for share buy-back programme and the payment of a 0.8 pence Maiden...