Union Jack Oil “in good shape” but frustrated by slow progress
Union Jack Oil PLC (AIM:UJO) executive chair David Bramhill speaks to Thomas Warner from Proactive after the UK-focused onshore oil and gas company released its interim results for the six months to 30 June 2023.
Bramhill starts by highlighting the company's rude financial health, describing it as being "in good shape" and profitability, before going on to express frustration at the speed of its progress on developing new projects.
He emphasises Union Jack's conventional, environmentally conscious approach and calls for a more supportive government stance saying that while the company may be profitable its progress is being constrained in a straightjacket. Bramhill nevertheless expresses optimism for Union Jack's future success, aiming for substantial profits and emphasising its contribution to a regulated, low-carbon industry.
He notes that difficulty in making progress in the UK is forcing him and the rest of the company's management to look elsewhere. "Its a terrible shame because… we're ready to roll."
Proactive UK Ltd
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Union Jack Oil PLC