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In this episode of FinancialFox, we talk to David Bramhill, Executive Chairman and Zac Phillips, Business Development Advisor at London-listed Union Jack Oil (LON:UJO) . Union Jack releases its Audited Financial Results for 2019, revealing an outstanding performance with major progress across all portfolio of assets. Union Jack is debt-free and fully funded for all current drilling and well testing commitments, with a cash balance in excess of £5.5 million as at 1 May 2020.
David and Zac comment on UJO’s operational highlights, work program and what shareholders can expect in the near future. Work at Wressle is moving forward and the company expects the first oil later in the year. Among the major company’s assets is West Newton, with a gross oil column of 45 metres underlying a gross gas column of 20 metres. The West Newton project is of great importance for Union Jack Oil, as well as for securing the UK’s energy supply. Environment Agency approval has been received to recommence well testing at West Newton A-2, while the process for the commencement of appraisal drilling operations is now underway for the conventional West Newton B-1 appraisal well.
Other interests in UJO’s portfolio are Biscathorpe, one of the largest untested onshore prospects within the UK, and production assets Keddington and Fiskerton Airfield oilfields.
In three years, the company has increased its market cap from around £2million to a current £18million – an achievement David and Zac accredit to the company’s management team who have shown high levels of insight, expertise and commitment.
Read the announcement here http://unionjackoil.com/wp-content/uploads/2020/05/Final-2019-RNS-results-CA84-FINAL-FINAL.pdf
⏰ Time Stamps ⏰
02:05 – Operational Highlights
03:33 – Wressle
04:50 – West Newton
09:18 – Biscathorpe
11:43 – Keddington/Fiskerton
13:15 Financial Highlights
19:00 Plans for the rest of the year
20:50 Medium term oil market expectations?
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