Union Jack Oil books annual loss as expenses weigh
Source - SMW
Union Jack Oil booked a full-year loss, owing to higher administrative expenses and impairment charges.
Pre-tax losses for the year through December amounted to £1.1m, compared to losses of £0.7m on-year.
The company is currently drilling the West Newton A-2 appraisal well in the UK.
Its balance was £2.5m as at 1 May.
'Union Jack's strategy remains consistent with the objective of the Board to build a successful and sustainable UK-focused, onshore hydrocarbon production and development business,' executive chairman David Bramhill said.
'Marked progress was made in the year under review and in the post balance sheet period, in particular, our acquisition of an interest in PEDL183 containing the West Newton A-1 gas discovery, where the West Newton A-2 appraisal well is currently underway, and our increased interest to 27.5% in the Wressle-1 discovery.'
'My confidence in respect of Union Jack's future, since its incorporation, is at its optimum.'
"The company's future remains bright.'