# Union Jack Oil net revenues of US$13,000,000 achieved

- Link: https://www.directorstalkinterviews.com/union-jack-oil-net-revenues-of-us13000000-achieved/4121104299
- Published: 2023-02-06T07:13:50+00:00
- Author: Giles

**[Union Jack Oil](https://www.directorstalkinterviews.com/company/union-jack-oil-plc/ujo.l)
plc** ([LON:UJO](https://www.directorstalkinterviews.com/company/union-jack-oil-plc/ujo.l))
a UK focused onshore hydrocarbon production, development and exploration company,
has announced that material landmark net revenues of US$13,000,000 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$13,000,000** revenues generated to Union Jack since re-commencement
of production at Wressle on 19 August 2021

·    Well producing at historically record rates, under natural flow with zero water
cut

·    Site upgrades including installation of microturbines and associated equipment
ongoing

·    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 3 February 2023, cash balances, short- term receivables and liquid investments
stood at over **£10,000,000**

·    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 impressive production performance 
> from the Wressle-1 well has been recorded and the trend as seen throughout 2022
> and the start of 2023 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_.”

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