News Column

Union Jack Pretax Loss Widens On Administration And IPO Expenses

April 29, 2014

Tom McIvor

LONDON (Alliance News) - Union Jack Oil PLC Tuesday said its pretax loss widened in 2013 as administrative expenses and AIM admission costs hit the company.

The onshore oil and gas exploration company with a focus on the UK hydrocarbon sector said its pretax loss widened to GBP708,851 from GBP142,573 the previous year.

The company, which is yet to produce revenues, said its administrative expenses increased to GBP514,470 in 2013 from GBP142,966 in 2012, and it was also hit by AIM admission costs of GBP199,406.

Union Jack Oil joined AIM in July raising GBP909,500 before expenses.

The company acquired material interests in four onshore petroleum exploration licences with drill-ready prospects during the period and said it expects the start of a conventional two-well drilling programme at its Wressle-1 and Burton on the Wolds-1 wells in June.

Union Jack Oil shares were down 4.9% to 0.195 pence Tuesday.

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Source: Alliance News