Union Jack Oil reports full-year loss

(Sharecast News) - Union Jack Oil reported a full-year loss for 2025 on Tuesday, after impairments on several UK assets, as revenue fell and the company continued its strategic shift towards the US.

The AIM-traded UK and US-focused onshore hydrocarbon company said oil and gas revenue fell to �2.5m for the year ended 31 December, from �3.9m in 2024.

Gross profit declined to �691,001 from �2.0m.

Union Jack reported a net loss of �7.0m, compared with a profit of �649,213 a year earlier, reflecting impairments related to Biscathorpe, North Kelsey and Sark.

Basic losses per share was 5.68p, compared with earnings per share of 0.61p in 2024.

The company said it remained debt-free at year end.

Executive chairman David Bramhill said the board was confident that Union Jack's transition of focus to the US would continue to drive growth.

In the UK, he said the company would remain focused on Wressle, its flagship project, where the operator and joint venture partners have appraisal and development programmes planned.

Bramhill said the work would focus in particular on unlocking proven oil and gas reserves in the Penistone Flags formation.

He said the board believed there was "significant upside" at Wressle, which could support Union Jack with revenues for at least another decade.

Bramhill said increased drilling, appraisal and development activity being evaluated across the company's UK and US portfolios had the potential to create "notable value" for shareholders.

He added that higher activity, expected news flow and investor engagement in both the UK and US should help maintain support from existing shareholders and broaden the company's appeal to new investors.

Union Jack said its annual report would be posted to shareholders by 30 May and that its annual general meeting would be held in Bristol on 26 June.

At 1033 BST, shares in Union Jack Oil were down 15.79% at 4p.

Reporting by Josh White for Sharecast.com.

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