Union Jack Oil plc (LON:UJO) a UK focused onshore hydrocarbon production, development and exploration company, has announced that material net revenues in excess of US$18,000,000 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.
· US$18,000,000 revenues generated to Union Jack since re-commencement of production at Wressle in August 2021
· Wressle-1 well gross production currently averaging a constrained 665 barrels of oil per day, as the Operator continues to evaluate the reservoir response to increased pump rates
· Union Jack Oil continues to be cash flow positive covering all planned G&A, OPEX and CAPEX liabilities
· Cash, short term receivables and investments at 12 January 2024, in excess of £9.45 million
· Debt free and remains highly cash generative