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UK: Union Jack Oil reaches USD 12 million net revenues landmark at Wressle


04 Jan 2023

Photo - see caption
Photo - see caption

AIM-listed Union Jack Oil, a UK focused onshore hydrocarbon production, development and exploration company, has announced that material landmark net revenues of US$12,000,000 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$12,000,000 revenues generated to Union Jack since re-commencement of production at Wressle on 19 August 2021
  • Well continues to produce under natural flow with zero water cut
  • Site upgrades ongoing
  • Utilisation plan for the associated gas from the Ashover grit reservoir is currently underway
  • 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
  • As of 2 January 2023, cash balances, short- term receivables and liquid investments stood at over £9,910,598 following a total Maiden Special dividend payment of in-excess of £900,000 during December 2022 and recent Wressle site upgrades of £250,000 net
  • Unaudited revenues from 1 January 2022 to 30 December 2022 are in-excess of £8,400,000 (Audited 2021: £1,894,875)
  • Debt free
Photo - see caption
Union Jack Oil reaches USD 12 million net revenues landmark at Wressle

Executive Chairman of Union Jack, David Bramhill, commented:

'The revenues of in-excess of US$12,000,000 from the Wressle development continue to bolster the Company’s Balance Sheet.

'Since the last production update, another impressive production performance from the Wressle-1 well has been recorded and the trend as seen throughout 2022 and the start of 2023 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.'

Original article link

Source: Union Jack Oil





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