29th Sep 2014 10:49
LONDON (Alliance News) - Union Jack Oil PLC Mondays said its loss narrowed in the first half as it cut administrative expenses.
The UK oil and gas explorer reported a net loss if GBP220,773 for the six months to end-June, compared with a GBP236,247 loss a year earlier. Its isn't currently earning any revenue, so its losses are down to administrative expenses and finance costs.
"A number of potential drill ready projects are currently being assessed and we look forward to expanding our drill ready portfolio over the coming months," Executive Chairman David Bramhill said in a statement.
Union Jack has interests in several UK onshore oil and gas prospects, and earlier this month raised GBP2 million in a share placing to help fund entry into other drilling prospects.
Union Jack shares were up 5.6% at 0.407 pence Monday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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