Union Jack Oil Reports Profitable Year and Expands into US Market

Union Jack Oil (GB:UJO) has released an update.

Union Jack Oil PLC, a hydrocarbon production company, reported a profitable year in 2023 despite a decrease in oil prices and exchange rates, remaining debt-free and declaring a dividend payable in July 2024. The company’s Wressle project significantly upgraded reserves and contributed to a strong financial performance, while new ventures in the USA, including a commercial discovery in Oklahoma, indicate promising international growth. With a robust balance sheet and dynamic drilling campaigns planned, Union Jack Oil is positioned for continued success and shareholder value creation.

For further insights into GB:UJO stock, check out TipRanks’ Stock Analysis page.