# Union Jack Oil US$4 million net revenues landmark reached at Wressle

- Link: https://www.directorstalkinterviews.com/union-jack-oil-us4-million-net-revenues-landmark-reached-at-wressle/4121058489
- Published: 2022-03-28T07:18:02+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$4 million 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 producing hydrocarbon development.

**Highlights**

·    Landmark **US$4 million** revenues generated to Union Jack since re-commencement
of production during August 2021

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

·    Site upgrades ongoing

·    As at 25 March 2022, the Company`s cash balances and short term receivables
stand at in-excess of **£6.6 million**

·    Early settlement of **£2,083,000** has been paid made to Calmar LP in respect
of deferred consideration on acquisition of 25% interests in PEDL180 and PEDL182
containing the Wressle development

·    The Company is covered for all operational and CAPEX costs, including any envisaged
drilling, for the foreseeable future

·    Wressle operational update to be published during April 2022

·    Company solicitors engaged to advance legal work on Capital Reduction exercise
to enable the Company to execute share buy-back programme or dividend payment

·    Debt free

> **Executive Chairman of Union Jack Oil, David Bramhill commented:** “The revenues
> from the Wressle development have created a sea change in the financial robustness
> of Union Jack, as the figures above illustrate.
> “We are still in the early stages of the process of unlocking the significant 
> upside potential at Wressle which is continuously improving as the site upgrades
> take effect, the future monetisation of the natural gas at the Ashover Grit reservoir
> and the substantial upside potential offered by the Contingent Resource present
> in the Penistone Flags reservoir that remains untapped.
> Given the future prospects at our core projects at Wressle, West Newton, Keddington
> and Biscathorpe , the Board of Union Jack believes the Company is now on a material
> growth trajectory which augers well for the future of the Company and its shareholders.”

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