5th Sep 2013 06:53
LONDON (Alliance News) - Union Jack Oil PLC Thursday said it made a pretax loss of GBP236,247 in its first half as it develops exploratory assets since being admitted to AIM on July 30.
The onshore oil-and-gas exploration company with a focus in the UK hydrocarbon sector said its losses widened in the six months to June 30 compared to the 11-month period between February 1, 2012, when the company started, and December 31, 2012 when it made a loss of GBP142,573.
The company said it had completed the acquisition of four onshore petroleum exploration and development licenses during the period and has began moving towards appraisal of wells on the sites.
Union Jack also said its cash balances at September 5 are in excess of GBP1 million which it intends to use to continue funding exploration and development.
"The company has made significant progress during the first half of 201,3 and I look forward to reporting on drill results and other matters in respect of the remaining period of the year in due course," Executive Chairman David Bramhill said in a statement.
By Tom McIvor; [email protected]; @TomMcIvor1
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