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$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.
· 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
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.”