18th Sep 2018 12:34
LONDON (Alliance News) - Union Jack Oil PLC said Tuesday that its loss for the first half of the year widened despite an increase in revenue.
For the six months to June 30, the UK focused onshore oil & gas company posted a pretax loss of GBP418,759 compared to GBP315,607 a year ago.
Revenue jumped to GBP73,044 from GBP17,331, but the cost of sales increased to GBP90,566 from GBP16,803.
During the period, the company acquired a further 27.5% stake in the PEDL180 and PEDL182 licences, containing the Wressle discovery, and 22% interest in PEDL253 containing the Biscathorpe-2 prospect.
Chairman David Bramhill said: "The addition of material interests in the Biscathorpe and Wressle projects during the period under review both materially enhance Union Jack's oil reserves and resources and increase significantly the upside risk value potential in the fully funded prospective high impact conventional well at Biscathorpe-2 planned to be spudded following completion of construction of the wellsite".
Looking ahead, Union Jack Oil said that its future "remains bright" as it prepares to commence drilling.
Shares in the company were up 0.8% at 0.09 pence each on Tuesday afternoon.
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