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(Alliance News) - Union Jack Oil PLC on Monday posted a widened interim loss, but the UK-focused oil and gas producer hailed "significant progress" at its three key projects.
Revenue in the six months ended June 30 fell 18% to GBP62,933 from GBP76,409. Union Jack reported a pretax loss of GBP885,300, stretched from GBP484,068.
"We have seen significant progress at our three key project interests, namely West Newton, Wressle and Biscathorpe. Developments at these three material assets in which we have meaningful economic interests has already generated a steady stream of news flow during 2020, which can be expected to continue throughout the remainder of the year and beyond," Executive Chair David Bramhill said.
"The board remains both confident and optimistic and the future of Union Jack remains bright."
Shares in the company were 3.5% higher at 0.18 pence each in London on Monday morning.
By Eric Cunha; ericcunha@alliancenews.com
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