Union Jack Oil US$7,000,000 net revenues landmark reached at Wressle

Union Jack Oil

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$7,000,000 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 Oil holds a 40% economic interest in this development.

Highlights

·    Landmark US$7,000,000 revenues generated to Union Jack since re-commencement of production on 19 August 2021

·    Current daily production figures continue to be an average constrained flow-rate of 750 barrels of oil per day (“bopd”), well in-excess of the prognosed 500 bopd from the Ashover Grit reservoir

·    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 budgeted drilling activities for at least the next 12 months

·    At 20 June 2022, cash balances and short term receivables stood at in-excess of £8,400,000

·    Union Jack expects to report a maiden profit for the forthcoming unaudited half year results ending 30 June 2022

·    Debt free

Executive Chairman of Union Jack Oil, David Bramhill, commented: “The ongoing excellent operational and financial performance at Wressle continues to bolster the Company’s cash position, balance sheet and income statement. 

“Net revenues from Wressle have now exceeded US$7,000,000 and, as a result of this exceptional performance, plus revenue contributions from the Keddington oilfield, the Fiskerton Airfield oilfield and North Sea Royalties

“The Board now expects to report a maiden profit in the forthcoming unaudited half year results ending 30 June 2022.”

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