Union Jack Oil announced that it has reached a significant milestone, generating over $17 million in revenue since bringing the Wressle field online in August 2021. The company expects to maintain positive cash flow and cover capital spending for the next 12 months.
By the end of July, cumulative production from Wressle had reached 492,876 barrels of oil. Union Jack also reported that a small amount of water has been observed in the well’s flow, with the average water cut at around 3.72% of total field production in July.
The timing of the water flow at Wressle has differed from initial expectations, indicating that the expected recoverable volumes from the Ashover Grit are likely to be at the higher end of the estimated range of 540,000 to 1.12 million barrels, according to 2016 estimates. As a result, Union Jack is currently conducting a new reservoir model and resource assessment.
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.
