Union Jack Oil (LSE:UJO) has announced the appointment of two new non-executive directors with immediate effect, as part of a board refresh aimed at strengthening governance and strategic oversight. Senior energy executive Dr Donald Zac Phillips has joined as an independent Non-Executive Director and Senior Independent Director, while John Americanos, a chartered certified accountant and significant shareholder, has been appointed as a Non-Executive Director.
As part of the changes, Craig Howie has stepped down from the board. The reconstituted board is expected to benefit from Dr Phillips’s extensive technical and strategic experience in the oil and gas sector, alongside Mr Americanos’s financial and property expertise. Together, these additions are intended to support Union Jack Oil’s growth ambitions and governance framework during a critical phase for its onshore operations in both the UK and the United States, against a backdrop of challenging industry conditions.
From an investment perspective, the company’s outlook is underpinned by a strong and low-risk balance sheet, with zero debt, and a track record of sustained profitability since 2022. However, sentiment is tempered by a recent decline in operating profitability and ongoing volatility in free cash flow. Technical indicators also weigh on the outlook, reflecting a clear downtrend and negative momentum, while valuation signals remain weak or difficult to interpret due to a negative price-to-earnings ratio and the absence of a stated dividend yield.
More about Union Jack Oil
Union Jack Oil plc is an onshore hydrocarbon production, development and exploration company with operations focused on the UK and the United States. The company’s shares are traded on AIM in London and on the OTCQB market in the US. Union Jack Oil is focused on onshore oil and gas assets and aims to navigate the broader structural and cyclical challenges facing the industry across its core geographies.
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