Union Jack Oil plc (LON:UJO) a UK focused onshore hydrocarbon production, development and exploration company, has today announced that material landmark net revenues of US$9,000,000 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$9,000,000 revenues generated to Union Jack since re-commencement of production on 19 August 2021
· Well continues to produce 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
· At 25 August 2022, cash balances and short term receivables stood at over £9,460,000
· Site upgrades ongoing
· Debt free
Executive Chairman of Union Jack Oil, David Bramhill, commented: “The revenues of in-excess of US$9,000,000 from the Wressle development continue to have a positive impact on the Company’s Balance Sheet.
“Since the last production update published during July 2022, another impressive production performance from the Wressle-1 well has been recorded and the trend remains positive.
“Cash balances are expanding significantly on a monthly basis, and we are funded for G&A, OPEX and contracted or planned CAPEX costs, including any drilling activities for at least the next 12 months.
“We look forward to reporting a positive set of Half Yearly Results for the period ending 30 June 2022, recording a maiden profit, in mid-September 2022.”
