Union Jack Oil Wressle gives significant optionality going forward

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Union Jack Oil plc (LON:UJO) is the topic of conversation when DirectorsTalk MD Darren Turgel caught up with Dan Slater, Arden Partners Head of Energy.

Union Jack has released a further update on its Wressle field , announcing US$5m of cumulative net revenues from the field since late August 2021. What does this mean for Union Jack?

This is further demonstration of the significant change that Wressle has made to Union Jack’s production and cash flow profile, in conjunction with high oil prices. These ongoing cash flows give the company significant optionality going forward for further work programmes across its portfolio.

What should we expect from the company over the coming months?

We expect to see further periodic updates on Wressle production and ongoing development activities, potentially including a decision on installing gas export and development of further reservoir levels on the field. In addition, we may also see a new operational work programme defined for West Newton, and progress towards securing planning for the planned wells on Biscathorpe and North Kelsey.

Union Jack Oil (LON: UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector listed on the London Stock Exchange AIM market.

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Written by: Darren Turgel

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