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Union Jack Oil plc (LON:UJO) announces audited results for 2023. Strong operational and financial highlights show resilience and growth opportunities in UK and USA. CEO David Bramhill remains optimistic about future prospects.
Union Jack Oil Final Dividend for 2023, Reflecting Strong Cash Flow and Positive Business Outlook
Union Jack Oil, a UK and USA focused onshore hydrocarbon production, development, exploration and investment company, has announced its audited results for the year ended 31 December 2023. The Company's solid 2023 financial results confirm its resilience, both financially and operationally.
Union Jack Oil plc has signed two farm-in agreements with Reach Oil & Gas Company Inc. to acquire working interests in drilling and seismic programs in Oklahoma, USA. The first agreement involves a high-impact well to test the Wilzetta Fault play, while the second agreement focuses on identifying additional drillable prospects along the Wilzetta Fault. The company expects to see the first well drilled in Q2 2024.
Europa cited delays in production scale-up in the Wressle field.