Union Jack Oil plc non-executive director Graham Bull has resigned, with immediate effect from 3 June 2026.
FINANCES
The company said that Mr Bull would continue to undertake technical duties for the company.
A Union Jack statement read: “Mr Bull cited the detrimental effect attacks on the board from certain media organisations has had on him and his family in his decision to resign.”
Companies House records show that Mr Bull became a Union Jack director in September 2014.
Directors of the company, which holds onshore oil and gas assets in England and Oklahoma, USA, are facing a challenge to their positions at the annual general meeting on 26 June 2026.
The board now comprises executive chairman David Bramhill, executive director Joseph O’Farrell, independent NED Dr Zac Phillips and NED John Americanos.
Union Jack’s full year results for 2025 showed total comprehensive losses swung to £7,029,350, including an impairment of Biscathorpe and North Kelsey In England, and the Sark well in Oklahoma (2024: profit £240,421).
Gross profits for 2025 dropped by nearly a third to £691,001 (2024: £1,968,101) while oil and gas revenues decreased to £2,489,507 (2024: £3,929,722).
Administrative expenses, excluding impairment costs, amounted to £2,477,222 (2024: £1,878,089).
The company added that current savings measures would reduce general and administrative costs by some £500,000 per annum.
The directors are also looking at further reducing costs including salaries and consultant’s fees.
Union Jack has additionally relinquished its quote on the OTCQB venture market, just over two years after listing, “due to lack of activity in the company’s shares”.