Union Jack Oil Made First Gross Profit In 2021 – Energy Commentary


By Jaime Llinares Taboada

On Monday, Union Jack Oil PLC announced an initial gross profit for 2021 and said cumulative revenue for 2022 was already well above that of 2021 as a whole. Here’s what the oil and gas company had to say:

On 2021 performance:

“Oil sales revenue of £1,894,875 reported in 2021, compared to £158,004 in 2020, had a dramatic effect on our income statement, allowing the company to report gross profit for the first time. .”

On the outlook:

“Net revenue of GBP 2,877,081 recorded to date in 2022 already greatly exceeds revenue in 2021.”

“In 2021 and to date, the company has advanced a number of its key projects, particularly at Wressle which, as previously reported, have been financially transformational with substantial revenues and indications that Wressle’s journey has only just begun. .”

“The latest results at West Newton are very encouraging in terms of the prospects for the significant hydrocarbon discoveries made to date and their potential for development, following an extensive program of testing and investigations carried out by both sides of the Atlantic by leading geological and geochemical consultants.”

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT


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