David Bramhill, CEO Union Jack Oil (UJO) was keen to highlight the position of the company in the wake of announcing its Final Results for the year ending December 31 2018. In particular, that the group is debt free and has £2.5m in cash as well as having added the Wrestle and Biscathorpe assets over the period. He acknowledged that investors are currently keen to find out progress regarding West Newton and that this could be an inflection point as far as the stock market’s perception of Union Jack Oil.
Given the way that markets are now seldom forward looking as far as small cap companies are concerned, he looked forward with interest to see how a possible re-rating of Union Jack Oil could be delivered once its onshore hydrocarbons are proven.