Business
Half-year Report 2022
Half-year Report 2022.
About this update from Union Jack Oil Plc
[{"type":"text","content":"\n \n \n \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 7 September 2022\n \n \n \n \n \n \n UNION JACK OIL PLC\n \n \n \n (AIM: UJO)\n \n \n \n \n \n \n Unaudited Results for the Six Months Ended 30 June 2022\n \n \n \n Union Jack Oil plc (\"Union Jack\" or the \"Company\"), a UK focused onshore conventional oil and gas production, development and exploration company, is pleased to announce its unaudited results for the Half Year ended 30 June 2022.\n \n \n \n \n \n \n HIGHLIGHTS\n \n \n \n · \n Maiden profit of £2,034,086 for the six-month period ended 30 June 2022\n \n \n · \n Revenue of £4,384,254 for the six-month period ended 30 June 2022\n \n \n · \n Cash balances, receivables and liquid investments stand at approximately £10,500,000 as at 6 September 2022\n \n \n · \n Company remains debt free\n \n \n · \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 \n \n · \n Wressle currently amongst the most productive conventional producing UK onshore oilfields and poised to become second ranked only to the prolific Wytch Farm\n \n \n · \n To date, our flagship project at Wressle has produced over 225,000 barrels of high-quality oil (gross) with zero water cut\n \n \n · \n GaffneyCline Reserves and Resource Report, Illustrative Production Profile and Upside Potential of the Wressle Field are expected be published during September 2022\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 Joint Venture partners progressing with a conceptual development plan for West Newton, predominantly as a major gas producer\n \n \n · \n First horizontal appraisal well at West Newton planned for 2023\n \n \n · \n Completion of Competent Person's Report, compiled by RPS Group covering West Newton and other significant prospects within PEDL183 expected by end of Q3 2022\n \n \n · ...