In the present climate and angst against fossil fuels, for a UK based company operating under the restrictions and regulations imposed by this government, to announce a positive set of results is an accomplishment imdeed!
With all the investment into USA drilling and prospects, all paid from cash in hand, cost of UK upgrades and operations along with a million pounds worth of Mineral Royalties to boot, Union Jack remains revenue generating, profitable and still maintains a strong bank balance. I note the usual, ridiculous comment on the LSE and urge all genuine shareholders to ignore this total drivel by the same culprit’s who seem focused solely on attacking what they claim to be their investment 😂
Union Jack Oil and Gas is making money, advancing projects both here and in the USA. They are not resting on their laurels. They are being pro-active on many fronts, something their peer companies are failing on.
Patience will see this company transform. They have a small oilfield, yes an oilfield, in the Andrews discovery. They are about to commence the secondary recovery operation. Potentially restoring two wells to production using waste water from the Andrews-1. They are drilling a further three wells this year. THREE MORE WELLS!
The result of this alone, on a successful outcome, will dwarf the revenues from Wressle.
There simply is NOTHING to dislike here!
#ujo $UJO #ujogf #OTCQB
Unaudited Results For The 6 Months Ending 30th June 2024
*Net profit £788,996 (2023 £572,263)
*Wressle competent person’s report upgraded recoverable reserves by 263%
*Planning consent received for the further development of Wressle
*Mineral Royalties investment of £1,000,000 returning 20% of capital to date
*Successful drilling campaign in Oklahoma resulting in Andrews Field discovery
*3 additional wells planned for drilling this year
