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Union Jack Oil PLC, a prominent player of Oil & gas sector is making significant strides in expanding its portfolio, particularly with its U.S. assets, according to Executive Chairman David Bramhill. In a recent discussion with Proactive's Stephen Gunnion, Bramhill highlighted the commercial success achieved in the Andrews 1 well, where more than 6,500 barrels of oil have already been sold. He noted the efficiency and speed of operations in the U.S., which stands in contrast to the more gradual processes encountered in the UK.
The discussion also emphasized Union Jack Oil (LSE:UJO)’s robust UK asset base, with particular attention given to the Wressle site. This asset continues to generate substantial cash flow for the company, with Bramhill noting the increased value of UK assets due to the limited issuance of new licenses. Despite the challenges posed by increased taxation in the UK, the company’s UK operations remain a critical component of its overall strategy.
Bramhill also provided insights into the ongoing diversification of Union Jack Oil’s operations in the U.S. He highlighted the success of drilling activities in the Andrews field and expressed optimism about the potential of upcoming wells, including Taylor, Moccasin, and Diana-1. These projects are part of the company’s broader efforts to build a diverse and resilient portfolio that spans both the U.S. and UK markets.
The recent listing of Union Jack Oil on the OTCQB market was another key point of discussion. This move is seen as a strategic step to increase the company’s visibility and engagement with U.S. investors, further solidifying its presence in the North American market. Bramhill expressed confidence in the company’s financial position and its ability to navigate the challenges and opportunities ahead.
Overall, Union Jack Oil’s recent activities reflect a focused effort to expand and diversify its portfolio while maintaining strong performance in its core UK assets. The company's strategic moves in the U.S. and UK markets underscore its commitment to delivering value and ensuring long-term stability amidst a complex and evolving energy landscape.
