Union Jack Oil plc (LON:UJO) is the topic of conversation when Daniel Slater, Analyst at Zeus Capital caught up with DirectorsTalk to discuss the interim results.
Union Jack has now released its H1 2023 results, what were the key points investors should take from this?
The results showed another period of good cash flows for the company, based on the production from Wressle. We were also pleased to see the progress being made on further Wressle development planning, with the potential for new drilling and installation of gas export, which could support or even grow production levels.
How have your forecasts changed for Union Jack?
The H1 results supported our forecasts, though we have made adjustment for the timing of forward CAPEX spending.
How do you see the outlook for the company?
Going forward we expect ongoing production and cash flows from Wressle, and then the Wressle work programme to be fully defined and implemented, providing news flow and new production volumes. We should then see work programmes across the wider portfolio, and potentially new acquisitions, where Union Jack is now looking beyond the UK in order to diversify its onshore portfolio.
Union Jack Oil PLC is a UK-based onshore exploration and production company that focuses on acquiring, exploring, and developing oil and gas assets. The company has a portfolio of interests in various exploration and production licenses in the UK.
