Union Jack moves upwards after annual results

Shares in AIM-listed onshore explorer Union Jack Oil (LON:UJO) climbed 7.33% to 0.13p (as of 15:20 BST) after the firm posted results for the year ended 31st December. Losses for the year deepened, but the company saw positive news from its testing and exploration work at multiple sites.

Executive chairman David Bramhill commented: “My confidence in respect of Union Jack’s future remains highly positive.

“The Company, during 2019 and to date, has advanced its key projects, and seen drilling and appraisal activity, supported by technical research input from our very competent technical team, resulting in an accretion in asset value and providing clarity on the next steps towards commerciality.

“I have no doubt that, even in these difficult times, given our attractive projects, we will achieve our goal of increasing production materially and becoming a significant mid-tier UK onshore producer in the medium term. In the meantime, I am certain that the news stream arising from the ongoing progress of our endeavours will vindicate our optimism in respect of our licence interests.

“Union Jack’s wider asset portfolio is well balanced with the relevant components of production, development, appraisal and discovery and we are fully funded for all our planned commitments going forward“.