Great results, cashed up and an exciting future for Union Jack Oil
“…There’s no reason why Union Jack Oil shouldn’t produce for 20 years, let alone ten…”
Maiden profit, substantial cash in the bank, dividends when prudent, an asset that will deliver revenues for an additional decade and no requirement for capital raises for at least a year were messages that populated Union Jack Oil PLC’s (LON:UJO) final year results and 2022 annual report.
Executive chairman and founder David Bramhill is delighted recognising these ‘excellent’ results were a long time in coming, but he says there’s more to come and the future is brilliant for the UK focused onshore hydrocarbon production, development and exploration company.
In fact Bramhill is quite happy to suggest that the company wouldn’t make a return to the markets for additional finance for 18 months. He won’t stretch to a two year absence from fundraising in case there’s an acquisition to consider.
He’s also effusive about Wressle the gift that keeps on giving headlined in the full year results as a ‘project that will continue to deliver significant revenues for at least the next decade and more.’
As he explains to Sarah Lowther in this video interview ” It’s not a promise. Anything can happen but there’s no reason why that well shouldn’t produce for 20 years, let alone ten.”
Read energy consultant GaffneysCline’s assessment Of Wressle
Take a tour of the company’s portfolio
Follow the company on Twitter @UnionJackOilplc
The author was remunerated but does not hold shares in the company