Business
Unaudited Results for the 6 Months Ended 30 06 23
Unaudited Results for the 6 Months Ended 30 06 23.
About this update from Union Jack Oil Plc
[{"type":"text","content":"\n\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 \n11 September 2023\n \nUNION JACK OIL PLC\n\n(AIM: UJO)\n \nUnaudited Results for the Six Months Ended 30 June 2023\n\nUnion 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 2023.\n \nFINANCIAL AND OPERATIONAL HIGHLIGHTS\n \n· For the six-month period ended 30 June 2023:\no Gross Profit of £1,608,973\no Net Profit of £572,263\no Revenue of £3,584,866\n· Cash balances, receivables and liquid investments stand in excess of £9,250,000 as at\n8 September 2023\n· Robust Balance Sheet, cash generative and debt free\n· All current projects funded for at least the next 12 months without recourse to Capital Markets\n· Wressle is amongst the most productive conventional producing UK onshore oilfields with nearly 500,000 barrels of high-quality oil having been produced from the Ashover Grit formation alone\n· Wells planned for Keddington, Wressle and West Newton\n· Ongoing evaluation of new projects offering short-term cash-flow, rapid payback and accretive value\n \nDavid Bramhill, Executive Chairman, commented: \"I am very pleased to be again, able to present to the shareholders of Union Jack, a positive set of Half Yearly results, containing several highlights of note, including a sustained profit, a strong cash position and a robust Balance Sheet free of debt.\n\"These results reflect the determined effort by the Board of Directors, advisers and technical consultants, all who share the same objective to grow the Company with minimal dilution in the future.\n\"Union Jack remains in a strong financial position with a combination of consistent cash flows, principally from our flagship asset at Wressle, plus significant future upside potential from our balanced portfolio, giving Un...