Union Jack Oil plc (LON:UJO) a UK focused onshore hydrocarbon production, development and exploration company, has announced that material landmark net revenues of US$6 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.
· Landmark US$6 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 23 May 2022, the Company’s cash balances and short term receivables stand at in-excess of £7.7 million
· The Company is covered for all G&A, OPEX and contracted or planned CAPEX costs, including any budgeted drilling activities for at least the next 12 months
· Debt free
Executive Chairman of Union Jack Oil, David Bramhill commented: “Another period of stellar performance from the Wressle-1 development has been achieved.
“Union Jack is now on a material growth trajectory which augers well for the future of the Company and its shareholders.”