Union Jack Oil plc (LON:UJO) a UK focused onshore hydrocarbon production, development and exploration company, has announced that material landmark net revenues, in excess of US$15,000,000 have been achieved from the Wressle hydrocarbon development, located within licences PEDL180 and PEDL182 in North Lincolnshire on the western margin of the Humber Basin.
Union Jack holds a 40% economic interest in this development.
Highlights
· Landmark US$15,000,000 revenues generated to Union Jack since re-commencement of production at Wressle during August 2021
· Well producing under natural flow with zero water cut
· Union Jack continues to be cash flow positive covering all G&A, OPEX and contracted or planned CAPEX costs, including any drilling activities for at least the next 12 months
· As of 9 May 2023, cash balances, short- term receivables and liquid investments stood at over £10,500,000
· Debt free
Executive Chairman of Union Jack Oil, David Bramhill, commented: “Revenues from Wressle continue to bolster the Company’s Balance Sheet.
“Since the last production update, another consistent and impressive performance from the
Wressle-1 well has been recorded and the trend during 2023 remains positive with materially higher production rates than those seen on a like-for-like basis during the same time period in 2022.”
