Union Jack Oil (AIM:UJO) has appointed Simon Flatt, Peter Brailey and Stuart Watson as independent non-executive directors with immediate effect, filling the governance gap left since August's boardroom shake-up.
The AIM-listed, UK-focused oil and gas producer, which holds interests in onshore producing fields and exploration licences in the Midlands and Southeast England, said the new board has already cut annualised general and administrative costs by almost 50% compared with the levels reported for the year to 31 December 2025.
The reduction follows the removal of directors David Bramhill, Joseph O'Farrell and Dr Zac Phillips on 24 August, who have no continuing involvement with the company; Union Jack said it has agreed settlements with the former executive directors on terms it considers favourable.
Craig Howie and John Americanos were installed as Executive Chairman and Executive Director at that same requisitioned general meeting, with independent non-executive appointments left outstanding until today.
Flatt takes the role of Senior Independent Director, bringing upstream energy experience that includes seven years at ExxonMobil and a stint as chief executive of an Afghanistan-based logistics group; Brailey, a chartered engineer with more than 40 years advising energy and infrastructure projects, chairs the remuneration committee, while Watson, with 35 years in financial services, chairs the audit committee.
"Since taking office in late August, Union Jack's new Board has responded vigorously to the inherited challenges, focusing on administrative costs, corporate governance and the asset portfolio," said Howie, adding the board will be "disciplined in where we allocate capital and only invest in projects with a clear commercial rationale and realistic prospect of success."
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The cost reduction was achieved through lower directors' remuneration, a smaller consultancy headcount and the termination of certain advisory relationships the board said failed to add shareholder value.
Reabold Resources' all-share offer for Union Jack has now lapsed under the Takeover Code.
The company intends to begin quarterly corporate updates to investors from January 2027, supplementing its routine financial reporting.
A review of Union Jack's entire asset portfolio against the board's capital allocation criteria is under way and on track for completion in the fourth quarter, with discussions ongoing with partners regarding certain interests.
Flatt holds 2.42m shares, approximately 1.65% of voting rights; Watson holds 1.04m shares, approximately 0.68%; Brailey holds 150 shares.