1st May 2018 10:57
LONDON (Alliance News) - Union Jack Oil PLC on Tuesday said it is well funded and debt free going into 2018 as it posted a slightly widened loss for 2017.
Union Jack, which has a portfolio of assets across the UK, posted a pretax loss of GBP746,822 for 2017 compared to GBP891,709 in 2016.
Revenue was GBP46,203 compared to GBP22,119 the prior year from limited oil production.
As of April's end, the company said it had cash balances over GBP2.0 million, with no debt, after a year of "considerable progress". This funding has the company covered for drilling at its Biscathorpe-2 and Holmwood-1 sites as well as general operations for "at least" 12 months.
Highlights of 2017 included expanding its portfolio, with acquisitions made in its Wressle and Biscathorpe discoveries, as well as preparing drilling at two prospects and increasing proven reserves across its portfolio.
Looking ahead, the company said its future remains bright with expectations high for the two prospects set to be drilled in 2018 at Biscathorpe and Holmwood.
Executive Chairman David Bramhill said: "Considerable progress was made in the year under review and in the period up to the signing of these financial statements.
"I am enthusiastic in respect of the year ahead and I look forward to reporting progress with our current projects and new acquisitions during 2018 and beyond."
Shares were up 2.2% on Tuesday at a price of 0.10 pence each.
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