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Union Jack Oil announces 2018 results

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Oilfield Technology,

Union Jack Oil (UJO) has today released its 2018 annual results.

Beyond increasing the proven hydrocarbon reserves and prospective resources of its projects, UJO’s revenue increased by 250%, standing currently with a cash balance in excess of £2.5 million.

The company is fully funded and undertaking a drilling campaign at West Newton 2 appraisal well in the licence PEDL183. PEDL183 is located onshore UK, and contains the West Newton A-1 gas discovery, operated by Rathlin Energy, where, according to a 2017 Deloitte CPR, there is in excess of 189 billion ft3 of 2C Contingent Resources within the Kirkham Abbey Shoal Gas formation and further considerable potential prospective resource upside for oil within the deeper Cadeby Reef formation.

UJO positive results can be eventually magnified by the upcoming results of West Newton basin, which is one of the highest impact projects onshore UK. The well has over 70% probability of gas and oil outcome.

Chairman David Bramhill commented: “Union Jack’s asset portfolio is well balanced with the relevant components of production, development, appraisal and discovery. 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. In this respect, we have delivered demonstrable growth and have expanded our portfolio with what we consider to be quality, high-value project interests with substantial upside potential. We are fully funded for our commitments going forward. The future of Union Jack remains bright.”

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