Union Jack Oil reaches US$11,000,000 net revenues landmark at Wressle

Union Jack Oil

Union Jack Oil plc (LON:UJO), a UK focused onshore conventional hydrocarbon production, development and exploration company, has announced that material landmark net revenues of US$11,000,000 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$11,000,000 revenues generated to Union Jack since re-commencement of production at Wressle on 19 August 2021

·    Well continues to produce under natural flow with zero water cut

·    Site upgrades ongoing and gas monetisation plan in place for both Ashover Grit and Penistone Flags reservoirs

·    Union Jack continues to be cash flow positive covering all G&A, OPEX and contracted or planned CAPEX costs, including any drilling activities or work programme commitments for 2023 and into 2024

·    At 11 November 2022, cash balances, short- term receivables and liquid investments stood at over £10,800,000

·    Unaudited Q3 2022 accounts show a further profitable period for the Company

·    Unaudited revenues from 1 January 2022 to date are in-excess of £7,900,000 (Audited 2021: £1,894,875)

·    Debt free

·    Maiden Special Dividend of 0.8 pence per Ordinary share announced

·    Share buy-back programme initiated, boosting Earnings per Share

Executive Chairman of Union Jack, David Bramhill, commented: “The revenues of in-excess of US$11,000,000 from the Wressle development continue to bolster the Company’s Balance Sheet.

“Since the last production update, another impressive performance from the Wressle-1 well has been recorded and the trend, as seen throughout 2022 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 or work programme commitments, for 2023 and into 2024.

“We are pleased to have announced a maiden special dividend of 0.8 pence per ordinary share, payable on 16 December 2022, as well as the commencement of a share buy-back programme where the Company controls the number of shares to be bought, within the authorities approved at the Annual General Meeting in June 2022.

“Your Company has achieved a number of significant milestones during 2022, which include a strengthened balance sheet, cash generation, profitability, and an upgraded reserve and resource base.

“We have high expectations that this strong performance will continue for the foreseeable future.”

We’ll keep you in the loop!

Join 1,000's of investors who read our articles first

We don’t spam! Read our privacy policy for more info.

Share on:
Find more news, interviews, share price & company profile here for:

Union Jack Oil confirms spudding of Sark well in Oklahoma

Union Jack Oil has confirmed that the Sark well in Central Oklahoma has been spudded, with the company holding a 60% interest. The well is operated by Reach Oil and Gas Inc., and follows the recent success of the producing Moccasin well.

Union Jack Oil director increases shareholding

Union Jack Oil Non-Executive Director Craig Howie has acquired 122,000 shares at 5.075 pence each, raising his total holding to 3,377,000 shares, representing 2.21% of the company’s issued share capital.

Union Jack Oil explores Bitcoin mining to monetise West Newton gas

Union Jack Oil has announced early-stage plans to monetise gas from its West Newton discovery by powering on-site Bitcoin mining operations. A non-binding LOI has been signed with Texas-based 360 Energy to develop a gas-to-crypto solution, aiming to generate near-term revenue while full field development progresses.

Union Jack Oil calls General Meeting to approve fundraising warrants

Union Jack Oil has scheduled a General Meeting for 26 August 2025 to seek shareholder approval for the issue of warrants linked to its recent fundraising. The meeting will be held at The Bristol Hotel, with full details available on the company’s website.

Union Jack Oil raises £2m to fund three-well Oklahoma programme

Union Jack Oil has raised £2 million via a placing and subscription of 40,000,000 new shares at 5p, with one 8p warrant per share subject to shareholder approval. Proceeds will fund a three-well Oklahoma drilling programme costing about US\$3 million. Admission is expected on 29 July 2025, leaving 146,565,896 voting shares.

Union Jack Oil to acquire 60% stake in Sark well, Central Oklahoma

Union Jack Oil has signed a farm-in agreement with Reach Oil and Gas to acquire a 60% working interest, paying 80%, in the Sark well planned for drilling in early Q3 2025 in Central Oklahoma, USA.

Search

Search