Union Jack Oil PLC (LON:UJO) has released its Unaudited Results for the six months ended 30 June 2018.

Union Jack Oil specialises in onshore oil and gas production, development and exploration, focusing on the UK. Additionally, its investment strategy emphasises the acquisition of late stage exploration projects with approved planning consent for drilling wells.

Notably, the results highlight an increase in the company’s losses. For the six months through June, losses reached £419k. In comparison to the £316k loss for the six months ended in June 2017, this is a considerable increase.

That said, the results highlight a successful workover programme on production wells at Fiskerton Airfield Oilfield. Additionally, it notes the commercial partnership entered into with Humber Oil & Gas Limited.

Executive Chairman, David Bramhill, said:

“The addition of material interests in the Biscathorpe and Wressle projects during the period under review both materially enhance Union Jack’s oil reserves and resources”.

As a result, this significantly increases “risk value potential in the fully funded prospective high impact conventional well at Biscathorpe-2”.

“The Company will benefit materially if either of these key projects is successful given the considerable upside value potential in each to Union Jack.”

“I look forward to commenting further on each of these drilling and development projects during the coming months.”

“The future of Union Jack remains bright.”

At 08:09 BST today, shares in Union Jack Oil were trading at +0.82%.