StockMarketWire.com - Union Jack Oil has widened its FY pretax loss to £0.89m, from a year-ago loss of £0.59m. Revenue was £22,119, from nil.

Executive chairman David Bramhill said 2016 was a year that Union Jack's directors regarded as one of solid progress where the company made significant headway in the face of the continuing low oil price and volatile stock markets.

"Noteworthy were value adding transactions and operating events that resulted in an expansion of our portfolio of licence interests, transforming the status of Union Jack from a pure exploration company into one with actual oil and gas reserves," said Bramhill.

OPERATIONAL HIGHLIGHTS:

- Competent Persons Report indicates gross hydrocarbons in place at Wressle-1 to be 14.8 million barrels of oil equivalent

- Acquisition of a 7.5% interest in PEDL143 incorporating the drill-ready Holmwood Prospect

- Acquisition of a further 3.34% in PEDL180 and PEDL182 containing the Wressle-1 discovery. Subsequent to the year end, a further 3.33% was acquired in March 2017 (subject to OGA approval), bringing Union Jack's combined interest to 15%.






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