TIDMUJO TIDMUJOP
RNS Number : 1923F
Union Jack Oil PLC
16 May 2017
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
16 May 2017
UNION JACK OIL PLC
(AIM: UJO)
Final Results for the Year Ended 31 December 2016
Union Jack Oil plc ("Union Jack" or the "Company") an onshore
exploration and production company with a focus on drilling,
development and investment opportunities in the United Kingdom
hydrocarbon sector, is pleased to announce its audited results for
the year ended
31 December 2016.
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%
Financial Highlights
-- Cash balance in excess of GBP2.0 million as at 30 April 2017
-- GBP700,000 before expenses raised in September 2016 to
further expand the Company's asset portfolio
-- The Company remains debt free
David Bramhill, Executive Chairman, commented: "2016 was a year
that your Board regards as one of solid progress where our 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.
I am enthusiastic in respect of the year ahead and I look
forward to reporting progress with our projects and new
acquisitions during 2017 and beyond."
For further information please contact the following:
Union Jack Oil plc +44 (0)7787 160 682
David Bramhill
SP Angel Corporate Finance
LLP +44 (0)20 3470 0470
Nominated Adviser and
Joint Broker
Lindsay Mair
Stephen Wong
Richard Hail
Turner Pope Investments
(TPI) Ltd +44 (0)20 3621 4120
Joint Broker
Ben Turner
James Pope
In accordance with the AIM Rules - Note for Mining and Oil and
Gas Companies, the information contained within this announcement
has been reviewed and signed off by Graham Bull, Non-Executive
Director, who has over 46 years of international oil and gas
industry exploration experience.
This announcement contains certain forward-looking statements
that are subject to the usual risk factors and uncertainties
associated with the oil and gas exploration and production
business. While the directors believe the expectation reflected
within this announcement to be reasonable in light of the
information available up to the time of approval of this
announcement, the actual outcome may be materially different owing
to factors either beyond the Company's control or otherwise within
the Company's control, for example, owing to a change of plan or
strategy.
Accordingly, no reliance may be placed on the forward-looking
statements.
Chairman's Statement
2016 was a year that your Board regards as one of solid progress
where our 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.
Looking back on my 2015 Chairman's Statement, I re-iterated then
that the objective of the Company remained focused on building a
successful UK onshore conventional hydrocarbon concern with the
intention of expanding and developing our existing high quality
licence interest portfolio. In this respect, in 2016 we welcomed
the addition to our portfolio of a 7.5% interest in PEDL143
containing the drill-ready Holmwood Prospect located in Surrey, in
the Weald Basin. This is our first foray in the South East and
Holmwood-1 is expected to be drilled in late 2017. In addition, we
purchased a further 3.34% of PEDL180 and PEDL182 containing the
Wressle-1 discovery located in our traditional area of operation in
the East Midlands.
Subsequent to the acquisition of an additional 3.34% interest in
PEDL180 and PEDL182 from Europa Oil & Gas Limited ("Europa"),
in March 2017 Union Jack acquired a further 3.33% in the blocks
from Celtique Energie Petroleum Limited, bringing Union Jack's
combined interest to 15%. The latter acquisition of interest is
subject to the approval of the Oil and Gas Authority ("OGA") which
is expected imminently. The result of these two acquisitions is
multi-fold, the almost doubling of our oil and gas reserves and
contingent resources identified by ERC Equipoise Ltd ("ERCE")
within their independent Competent Persons Report ("CPR"), the
expected increase in the production revenues when on-stream and the
additional interest in the Broughton North Prospect in the Mean
Prospective Resources contained in this 40-49% geological Chance of
Success ("COS") prospect.
PEDL180 AND PEDL182 - WRESSLE
The PEDL180 and PEDL182 licences are located in Lincolnshire, on
the western margin of the Humber Basin, within the established East
Midlands producing province and are on trend with the nearby
discoveries at Crosby Warren, Brigg and Broughton.
The licences contain the Wressle-1 discovery that produced an
aggregate of 710 barrels of oil equivalent per day from the zones
tested.
As highlighted above, the Company, now holds a 15% interest
(3.33% subject to OGA approval) in these licences, as a result of a
further acquisition of interest.
During September 2016 ERCE prepared an independent CPR in
respect of the Wressle-1 discovery. A summary of their findings can
be found on the Company's website (www.unionjackoil.com).
The oil and gas reserves and contingent resources identified by
ERCE in the PEDL180 and PEDL182 licences, in aggregate, exceeded
the operator's original pre-drill estimate.
ERCE has estimated that the gross oil initially in place is 14.8
million stock tank barrels across three reservoir sands, the
Ashover Grit, Wingfield Flags and Penistone Flags, of which 2.15
million stock tank barrels gross are potentially recoverable as 2P
Reserves.
In addition, ERCE has identified further Contingent Resources of
1.53 million stock tank barrels of oil gross and 2.0 billion cubic
feet of gas ("bcf") gross in the Penistone Flags reservoir at
Wressle which are over and above the oil and gas 2P Reserves
identified in the Ashover Grit and Wingfield Flags reservoirs. The
conversion of the Penistone Flags Contingent Resources into 2P
Reserves, in full or in part, is reliant upon receipt of
development approvals and commencing production at Wressle and on a
subsequent development plan being identified for considerable oil
and gas volumes present in the Penistone Flags reservoir.
Commercial oil production is expected to initiate at an
estimated 500 barrels per day following Environmental Agency and
planning approvals.
The uplift in both 2P Reserves and Contingent Resources
identified by ERCE in its CPR highlight a major attraction of the
proposed conventional onshore development in respect of the two
licence areas that contain the Wressle-1 discovery and the
resulting additional significant upside potential. Even in this
moderately low oil price environment, the Wressle development has
the benefits of low capital and operating costs and the same is
also expected of the Penistone Flags Contingent Resources, assuming
their conversion to 2P Reserves.
ERCE also made an estimate of the Broughton North Prospect
within PEDL182. Their findings indicated oil in place of 3.43
million stock tank barrels gross. The Broughton North Prospect is
drill-ready, subject to obtaining planning permission, and benefits
from the results of the Wressle-1 discovery significantly reducing
the geological risk over PEDL180 and PEDL182. Consequently, ERCE
attributes a high geological COS with a range of 40% to 49% for the
prospect. Mapping of the Broughton North Prospect also benefits
from the same high quality 3D seismic data as was used to identify
the Wressle-1 hydrocarbon discovery.
Surprisingly, in January 2017 the North Lincolnshire Council,
despite a positive recommendation by the Council's Planning
Officer, which itself was determined following a comprehensive and
thorough review of the Field Development Plan, declined planning
approval for development. However, at the same meeting the
application for the installation of groundwater monitoring
boreholes was approved.
Subsequently, Union Jack recently announced that an appeal
process has commenced and that a new planning application has been
submitted in parallel with the appeal process.
The groundwater monitoring boreholes for Wressle have now been
successfully installed and the Environmental Permit from the
Environmental Agency is expected to be issued in the near
future.
Extensive work has been carried out by the operator to progress
the Wressle appeal process and environmental clearance for the
development of a conventional project.
Union Jack looks forward to progressing Wressle to first oil
from what is a significant discovery for our Company.
PEDL253 - BISCATHORPE
PEDL253 is within the proven hydrocarbon fairway of the South
Humber Basin and is on trend with the Saltfleetby gas field,
Keddington oil field and the Louth and North Somercotes
prospects.
Biscathorpe is a large, well defined four-way dip closed
structure mapped from recently reprocessed 3D seismic. A
drill-ready prospect with planning consent for drilling and any
subsequent testing is expected to be drilled during H2 2017,
subject to partner consent, adding considerable risk adjusted
value. The Biscathorpe-1 structure was drilled by BP in 1987 and
encountered a thin oil-bearing sandstone.
The sand unit is expected to thicken away from the crest of the
structure and the operator's Best Estimate is a gross Prospective
Resource of 14 million barrels of oil with a geological COS of
40%.
During 2017, Union Jack commissioned an independent review of
the Biscathorpe 3D by geophysical consultants, Sotwell Exploration
Ltd. The results of this review were highly encouraging and the
comments included that well ties, by synthetic seismogram, are high
quality and allow a robust link between the geology and seismic
data.
Other key points highlighted were that, in Sotwell's opinion,
the Biscathorpe "concept" is confirmed, with good evidence of the
possibility of the sand thickening away from the previous well
location, that the whole area is very attractive for oil
exploration and that a "mega" play trap is potentially feasible
with further stratigraphic upside. The proposed Biscathorpe-2 well
location to appraise the prospect appears optimal and any
additional wells linked to seismic would probably display new
prospect concepts.
In March 2017, the OGA granted a further one year extension to
PEDL253 and the licence now expires on 30 June 2018.
PEDL143 - HOLMWOOD
In May 2016, Union Jack entered into an agreement with Europa to
acquire a 7.5% interest in PEDL143 containing the drill-ready
Holmwood Prospect. This is the first Weald Basin licence interest
located in the South of England to be introduced to the Union Jack
UK onshore portfolio.
Holmwood is a conventional oil prospect first identified by BP
in 1988 and is estimated by the operator to hold gross mean
un-risked Prospective Resources of 5.6 million barrels of oil with
a geological COS of 33%. Holmwood is on trend with, and located
just 12 kilometres from, the Horse Hill-1 discovery.
Holmwood-1 is expected to be drilled in the Autumn of 2017.
OTHER ASSETS
Other assets held by Union Jack include interests in the
producing Keddington oil field PEDL005(R) (10%) which provides the
Company with a modest income each month from its share of oil
production, North Kelsey PEDL241 (20%), Burton on the Wolds PEDL201
(10%), PEDL339 (10%) which contains an extension of the Louth
Prospect and PEDL209 (10%) where the unsuccessful and fully
impaired Laughton well was drilled in early 2016.
A detailed review of Union Jack's asset base can be found in the
Review of Operations section within the Annual Report and Financial
Statements. This document can be accessed on the Company's website
(www.unionjackoil.com) and a hard copy will be posted to
shareholders in the near future.
CORPORATE AND FINANCIAL
Union Jack remains debt free and our cash balance as at 30 April
2017 stands in excess of GBP2 million, with more than enough funds
to cover the costs of our current planned drilling campaign which
includes Biscathorpe-2 and Holmwood-1, and surplus working capital
for at least a 12 month period from the date of approving the
financial statements.
In September 2016, the Company raised GBP700,000 before expenses
of GBP73,685 to further expand its near-term development and
production portfolio. This expansion was satisfied by the
acquisition of a 3.34% interest in PEDL180 and PEDL182 soon after
completing that funding.
During February 2017, as described in the Events After the
Balance Sheet Date note, the Company raised GBP1.4 million before
expenses of GBP129,347 in a significantly oversubscribed placing
with a view to utilising the funds raised to increase Union Jack's
interests in the licences within its existing portfolio. Some of
the proceeds were used to acquire a further 3.33% interest in
PEDL180 and PEDL182 containing the Wressle-1 discovery and the
Broughton North Prospect. Further funds resulting from the 2017
placing remain to be invested.
We continue to apply strict financial control and discipline to
our activities and pride ourselves on our low general and
administrative costs which during this period were on par with
those reported last year.
Union Jack was largely insulated from the low oil price
environment witnessed during the first half of 2016 due to our low
corporate overheads, low operating costs by virtue of being onshore
UK and our strategy of remaining debt free which allowed management
to focus on low cost, late stage project acquisitions while
maintaining a tight rein on our cash position. The result was that
our growth plans were largely unaffected and the quest for new
assets was successful along with our key aspiration to develop our
"jewel in the crown", the Wressle-1 discovery that is currently
seeking a satisfactory outcome to obtaining planning approval and
moving into production.
I would like to take this opportunity to personally thank the
rest of my Board, Joe O'Farrell, Graham Bull and Ray Godson for
their sound advice, technical support and professional guidance in
respect of Company matters. The same comment applies to our
advisers for their help in assisting Union Jack, all of whom
contribute to the seamless running of our Company.
SUMMARY
Given our focused strategy, I remain optimistic that 2017 will
deliver positive results from the foundations that have been
nurtured over recent years. We look forward to the drilling of
Biscathorpe-2 and Holmwood-1 and, of the utmost importance, a
resolution to the development of Wressle which, if and when
positively determined, will ensure first oil resulting in a
material transformation in cash flow to Union Jack.
We believe our focused strategy and maintaining a low cost base
is key to managing risk and allowing Union Jack to thrive in
difficult conditions, while ensuring that our asset portfolio
remains well balanced by combining appropriate components of
production, appraisal, discovery and exploration and, importantly,
also ensuring we are adequately funded for all future
commitments.
The future of Union Jack remains bright.
David Bramhill
Executive Chairman
15 May 2017
Income Statement
FOR THE YEARED 31 DECEMBER 2016
31.12.16 31.12.15
GBP GBP
===================================== =========== ===========
Revenue 22,119 -
Cost of Sales (22,696) -
Gross Loss (577) -
------------------------------------- ----------- -----------
Administrative expenses (excluding
impairment charge) (598,075) (605,742)
Impairment (298,711) -
------------------------------------- ----------- -----------
Total administrative expenses (896,786) (605,742)
Operating loss (897,363) (605,742)
Other income - 12,713
Finance income 5,654 6,569
------------------------------------- ----------- -----------
Loss before taxation (891,709) (586,460)
Taxation (885) (841)
------------------------------------- ----------- -----------
Loss for the financial year (892,594) (587,301)
------------------------------------- ----------- -----------
Attributable to:
Equity shareholders of the
Company (892,594) (587,301)
------------------------------------- ----------- -----------
Loss per share
Basic and diluted loss per
share (pence) (0.03) (0.02)
------------------------------------- ----------- -----------
Statement of Comprehensive Income
FOR THE YEARED 31 DECEMBER 2016
31.12.16 31.12.15
GBP GBP
============================== ========== ==========
Loss for the financial year (892,594) (587,301)
Other comprehensive income - -
------------------------------ ---------- ----------
Total comprehensive loss for
the financial year (892,594) (587,301)
------------------------------ ---------- ----------
Balance Sheet
AS AT 31 DECEMBER 2016
31.12.16 31.12.15
GBP GBP
======================================= ============ ============
Assets
Non-current assets
Exploration and evaluation
assets 2,079,340 1,165,077
Investments 40,000 40,000
--------------------------------------- ------------ ------------
2,119,340 1,205,077
Current assets
Trade and other receivables 62,700 27,232
Cash and cash equivalents 1,861,964 3,078,311
--------------------------------------- ------------ ------------
1,924,664 3,105,543
Total assets 4,044,004 4,310,620
--------------------------------------- ------------ ------------
Liabilities
Current liabilities
Trade and other payables 85,312 85,649
Provisions 18,000 18,000
--------------------------------------- ------------ ------------
Total liabilities 103,312 103,649
--------------------------------------- ------------ ------------
Net assets 3,940,692 4,206,971
--------------------------------------- ------------ ------------
Capital and reserves attributable
to the Company's equity shareholders
Share capital 2,696,399 2,593,458
Share premium 4,566,072 4,042,698
Share-based payments reserve 167,924 167,924
Accumulated deficit (3,489,703) (2,597,109)
--------------------------------------- ------------ ------------
Total equity 3,940,692 4,206,971
--------------------------------------- ------------ ------------
Statement of Changes in Equity
for the year ended 31 December 2016
Share-based
Share Accumulated Share payment
capital deficit premium reserve Total
GBP GBP GBP GBP GBP
======================== =========== ============= =========== ============ ===========
Balance at 1 January
2015 2,475,811 (2,009,808) 3,282,848 349,833 4,098,684
Total comprehensive
loss - (587,301) - - (587,301)
Contributions by
and distributions
to owners
Issue of share
capital 117,647 - 682,353 - 800,000
Share issue costs - - (104,412) - (104,412)
Expiry of share-based
payments - - 181,909 (181,909) -
------------------------ ----------- ------------- ----------- ------------ -----------
Total contributions
by and distributions
to owners 117,647 - 759,850 (181,909) (695,588)
------------------------ ----------- ------------- ----------- ------------ -----------
Balance at 31
December 2015 2,593,458 (2,597,109) 4,042,698 167,924 4,206,971
------------------------ ----------- ------------- ----------- ------------ -----------
Balance at 1 January
2016 2,593,458 (2,597,109) 4,042,698 167,924 4,206,971
Total comprehensive
loss - (892,594) - - (892,594)
Contributions by
and distributions
to owners
Issue of share
capital 102,941 - 597,059 - 700,000
Share issue costs - - (73,685) - (73,685)
------------------------ ----------- ------------- ----------- ------------ -----------
Total contributions
by and distributions
to owners 102,941 - 523,374 - 626,315
------------------------ ----------- ------------- ----------- ------------ -----------
Balance at 31 December
2016 2,696,399 (3,489,703) 4,566,072 167,924 3,940,692
------------------------ ----------- ------------- ----------- ------------ -----------
Statement of Cash Flows
FOR THE YEARED 31 DECEMBER 2016
31.12.16 31.12.15
GBP GBP
======================================= ============ ==========
Cash flow from operating activities (694,601) (543,846)
--------------------------------------- ------------ ----------
Cash flow from investing activities
Purchase of intangible assets (1,153,715) (534,320)
Purchase of investments - (20,000)
Interest received 5,654 6,569
--------------------------------------- ------------ ----------
Net cash used in investing activities (1,148,061) (547,751)
--------------------------------------- ------------ ----------
Cash flow from financing activities
Proceeds on issue of new shares 700,000 800,000
Cost of issuing new shares (73,685) (104,412)
--------------------------------------- ------------ ----------
Net cash generated from financing
activities 626,315 695,588
--------------------------------------- ------------ ----------
Net decrease in cash and cash
equivalents (1,216,347) (396,009)
--------------------------------------- ------------ ----------
Cash and cash equivalents at
beginning of financial year 3,078,311 3,474,320
--------------------------------------- ------------ ----------
Cash and cash equivalents at
end of financial year 1,861,964 3,078,311
--------------------------------------- ------------ ----------
Notes to the Financial Statements
for the year ended 31 December 2016
1 ACCOUNTING POLICIES
Basis of Preparation
The financial information in this announcement, which was
approved by the Board of Directors on 15 May 2017, does not
constitute the Company's statutory accounts for the year ended 31
December 2016 but is derived from those financial statements. The
auditor, BDO LLP, has reported on the statutory financial
statements and the report was unqualified and did not contain
statements under s498(2) or (3) Companies Act 2006. The statutory
financial statements have not yet been delivered to the Registrar
of Companies and will be delivered following the Company's Annual
General Meeting.
The comparative figures are derived from the statutory financial
statements of the Company for the year ended 31 December 2015. The
previous auditor, Deloitte LLP, reported on the 2015 financial
statements and their report was unqualified, did not contain
statements under s498(2) or (3) Companies Act 2006 and have been
filed with the Registrar of Companies.
Whilst the financial information in this announcement has been
prepared in accordance with the recognition and measurement
criteria of International Financial Reporting Standards ("IFRS") as
adopted by the European Union, this announcement does not itself
contain sufficient information to comply with IFRSs.
Significant Accounting Policies
The accounting policies and methods of computation followed in
these financial statements are consistent
with those as published in the Company's Annual Report and
Financial Statements for the year ended
31 December 2016.
The Annual Report and Financial Statements are available from
the Company Secretary at the Company's registered office, 6
Charlotte Street, Bath BA1 2NE or on the Company's website
www.unionjackoil.com.
Going Concern
The directors have, at the time of approving the financial
statements, a reasonable expectation that the Company has adequate
resources to continue in operational existence for the foreseeable
future. Thus they continue to adopt the going concern basis of
accounting in preparing the financial statements.
The Company's business activities, together with the factors
likely to affect its future development, performance and position
are set out in the Chairman's Statement. The directors' forecasts
demonstrate that the Company will meet its day to day working
capital and share of estimated drilling costs over the forecast
period (being at least 12 months from the date the financial
statements were approved) from the cash held on deposit at the year
end. The principal risk to the Company's working capital position
is drilling cost overruns. The Company has sufficient funding to
meet planned drilling expenditures and a level of contingency.
Taking account of these risks, sensitised forecasts show that the
Company should be able to operate within the level of funds
currently held. The directors have a reasonable expectation that
the Company has adequate resources to continue in operational
existence for the foreseeable future. Thus they continue to adopt
the going concern basis of accounting in preparing the financial
statements.
2 LOSS PER SHARE
The Company has issued warrants over ordinary shares which could
potentially dilute basic earnings per share in the future.
Basic loss per share is calculated by dividing the loss
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the year.
During the current and prior year the Company had warrants in
issue. At 31 December 2016 the Company had 55,052,548 (2015:
55,052,548) warrants in issue. These warrants have not been taken
into account when calculating the diluted loss per share as their
impact was anti-dilutive. Therefore the basic and diluted loss per
share are the same.
Loss per share 2016 2015
Pence Pence
================================ ======= =======
Loss per share from continuing
operations (0.03) (0.02)
-------------------------------- ------- -------
The loss and weighted average number of ordinary shares used in
the calculation of loss per share are as follows:
2016 2015
GBP GBP
================================================== ==========
Loss used in the calculation
of total basic and diluted earnings
per share (892,594) (587,301)
--------------------------------------- ---------- ----------
Number of shares 2016 2015
===================================== ============== ==============
Weighted average number of ordinary
shares for the purposes
of basic and diluted loss per
share 2,994,752,318 2,492,898,974
------------------------------------- -------------- --------------
The Company has 831,680,400 (2015: 831,680,400) deferred shares.
These have not been included within the calculations of basic
shares above on the basis that IAS 33 defines an ordinary share as
an equity instrument that is subordinate to all other classes of
equity instruments. Any residual interest in the assets of the
Company would not currently, on liquidation, go to the deferred
shareholders, hence they are not currently considered subordinate.
These deferred shares, being potential ordinary shares, have not
been taken into account when calculating the diluted loss per share
as their impact was anti-dilutive.
The Company issued 1,032,589,694 new ordinary shares after the
year end. If the transaction had occurred before the year end the
weighted average number of ordinary shares used above, in the
calculation of loss per share, would have been increased.
3 RECONCILIATION OF LOSS TO CASH GENERATED FROM OPERATIONS
31.12.16 31.12.15
GBP GBP
================================ ========== ==========
Loss before taxation (891,709) (586,460)
Impairment of intangibles 298,711 -
Finance income (5,684) (6,569)
Income taxes paid (885) (841)
-------------------------------- ---------- ----------
(599,537) (593,870)
-------------------------------- ---------- ----------
(Increase) / decrease in trade
and other receivables (35,468) 6,006
(Decrease) / increase in trade
and other payables (59,596) 44,018
-------------------------------- ---------- ----------
Cash used in operations (694,601) (543,846)
-------------------------------- ---------- ----------
4 Exploration and evaluation assets
31.12.16 31.12.15
GBP GBP
======================= ========== ==========
At 1 January 1,165,077 832,100
Costs incurred during
the year 1,212,974 314,977
Costs impaired (298,711) -
Provision for site
restoration - 18,000
------------------------- ---------- ----------
At 31 December 2,079,340 1,165,077
------------------------- ---------- ----------
5 SHARE CAPITAL
Allotted and issued: Class Nominal 31.12.16 31.12.15
Number value GBP GBP
===================== ========= ========= ========== ==========
3,300,473,511 Ordinary 0.025p 825,118 722,177
(31 December 2015:
2,888,708,805)
831,680,400 Deferred 0.225p 1,871,281 1,871,281
(31 December 2015:
831,680,400)
--------------------- --------- --------- ---------- ----------
Total 2,696,399 2,593,458
--------------------- --------- --------- ---------- ----------
Allotments during the year
In September 2016, 411,764,706 new ordinary shares with a par
value of 0.025 pence were issued at 0.17 pence per share and are
fully paid.
Total consideration received was GBP700,000, of which GBP597,059
has arisen in share premium.
Issue costs of GBP73,685 have been charged to the share premium
account.
6 EVENTS AFTER THE BALANCE SHEET DATE
The following events have taken place after the year end:
In February 2017, 1,032,589,694 new ordinary shares were issued
for cash at 0.135 pence per share raising approximately
GBP1,400,000 before expenses of GBP129,347.
The enlarged issued share capital following the issue of new
shares described in this section is 4,333,063,205 ordinary shares
of 0.025 pence each.
In March 2017, the Company acquired a 3.33% interest in PEDL180
and PEDL182 containing the Wressle oil discovery from Celtique
Energie Petroleum Limited for a consideration of GBP600,000. As a
result the Company holds an interest of 15% in PEDL180 and
PEDL182.
7 COPIES OF THE ANNUAL REPORT AND FINANCIAL STATEMENTS
The Annual Report and Financial Statements will shortly be
posted to shareholders and is now available on the Company's
website www.unionjackoil.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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