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LONDON (Alliance News) - Union Jack Oil PLC on Monday reported a significantly widened annual loss due to higher costs and impairment.
For 2018, the UK-focused onshore hydrocarbon production firm posted a pretax loss of GBP1.1 million compared to GBP746,822 a year ago.
Revenue rose to GBP165,270 from GBP46,203, while administrative costs increased to GBP871,489 from GBP722,502.
An impairment charge on intangibles assets amounting to GBP205,308 further impacted the firm's profitability.
"Union Jack's strategy remains consistent with the objective of the board to build a successful and sustainable UK-focused, onshore hydrocarbon production and development business," Chair David Bramhill said.
He added: "Marked progress was made in the year under review and in the post balance sheet period, in particular, our acquisition of an interest in PEDL183 containing the West Newton A-1 gas discovery, where the West Newton A-2 appraisal well is currently underway, and our increased interest to 27.5% in the Wressle-1 discovery."
"My confidence in respect of Union Jack's future, since its incorporation, is at its optimum. The company's future remains bright," Bramhill concluded.
Union Jack Oil shares were trading up 8.8% at 0.11 pence each.
