# Union Jack Oil report landmark US$8,000,000 revenues reached

- Link: https://www.directorstalkinterviews.com/union-jack-oil-report-landmark-us8000000-revenues-reached/4121074311
- Published: 2022-07-25T07:13:20+01:00
- 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$8,000,000 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$8,000,000** 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 24 July 2022, cash balances and short term receivables stood at over **£
9,150,000**

·    Union Jack confirms a **maiden profit to be posted** for the unaudited half
year period ended 30 June 2022

·    To date, due to Union Jack’s current capital expenditure programme, the recently
introduced Energy Profits Levy of 25% is not expected to be material to the Company

·    Debt free

> **Executive Chairman of Union Jack Oil, David Bramhill, commented: “**The revenues
> of in-excess of US$8,000,000 from the Wressle development continue to bolster 
> the Company’s Balance Sheet.
> “Since the last production update published during June 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.
> “The Gaffney Cline report continues to be updated and upgraded to reflect increased
> production rates and also incorporate other ongoing positive reservoir modelling
> and production profiling exercises into its final analysis.
> “Since Gaffney Cline commenced their report, oil production at Wressle has increased
> by _circa_ 45% and, accordingly their report is being updated to reflect these
> new positive developments and is now using a reference date of 30 June 2022.
> “In addition, Gaffney Cline are compiling three illustrative production scenarios
> for the Wressle oilfield, indicating average oil production plateaus for the low,
> medium and high cases, showing the conceptual production curves in each case for
> the remaining planning period of 13 years.
> “Gaffney Cline have also been instructed to comment on any possible untapped resources
> at the Wressle-1 well that may be present. The report is currently being finalised
> and the results will be announced in due course.”

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