Union Jack Oil achieves $15m revenue landmark from Wressle

Union Jack Oil announced on Wednesday that it has achieved material landmark net revenues of over $15m from the Wressle hydrocarbon development, located within licences PEDL180 and PEDL182 in North Lincolnshire, on the western margin of the Humber Basin.

The AIM-traded company currently holds a 40% economic interest in the development.

It explained that, since the restart of production in August 2021, Union Jack had generated record revenues from the Wressle hydrocarbon development.

The well was producing under natural flow, with zero water cut, and the company was cash flow positive, covering all general and administrative, operational, and contracted or planned capital expenditure costs, including any drilling activities, for at least the next 12 months.

Union Jack Oil plc (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.

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