Union Jack Oil Landmark US$17,000,000 revenues generated at Wressle

Union Jack Oil plc (LON:UJO) a UK focused onshore hydrocarbon production, development and exploration company, has announced that material landmark net revenues in excess of US$17,000,000 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.

This news also provides a Wressle-1 well update.

Union Jack holds a 40% economic interest in this development.


·    Landmark US$17,000,000 revenues generated to Union Jack since re-commencement of production at Wressle in August 2021

·    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

·    Over £2,995,000 has been returned to shareholders via dividends and share buy backs since October 2022

·    Cash and investments at 2 August 2023 in excess of £10,800,000

·    Debt free and remains highly cash generative

Wressle-1 Update

·    Cumulative production from the Wressle-1 well totalled 492,876 barrels of oil through to the end of July 2023

·    The well continues to produce under natural flow

·    Limited amounts of water have been observed with water cut averaging 3.72% of total field production during July 2023

·    The start of water production is significantly later than originally anticipated, providing further evidence that the expected recoverable volumes from the Ashover Grit will be at the higher end of the estimates detailed in the independent Competent Person`s Report (“CPR”) prepared by ERCE and announced on 16 September 2016.  The 2016 CPR forecast gross volumes from the Ashover Grit of 2P 0.54 MMstb and 3P 1.12 MMstb

·    The advent of water is now being incorporated into ERCE`s reservoir modelling and resource assessment work streams, which will be reflected in the new CPR

·    A more detailed update will be provided when the new CPR has been completed

Executive Chairman of Union Jack Oil, David Bramhill, commented: “The US$17,000,000 net revenues achieved to date from Wressle (UJO 40%) has been transformational and continues to bolster the Company’s Balance Sheet, complemented by additional cash-flow from the Keddington oilfield (UJO 55%).

“Water breakthrough is not uncommon in any reservoir and following the minor water cut observed, producing operations are actively being managed to effectively optimise oil production.

“Evaluations are continuing in order to deliver a full field development plan that maximises hydrocarbon recoveries from the Ashover Grit, Wingfield Flags, Penistone Flags and other nearby prospects.

“Over the past two years, Wressle-1 production has transformed Union Jack`s financial position, allowing the Company to post a maiden profit and make significant distributions to shareholders.  We continue to believe that when this important conventional onshore hydrocarbon producing asset is fully appraised and developed it will assist to fund the growth of Union Jack for many years to come.”


2P                     Proven and Probable

3P                     Proven, Probable and Possible

MMstb            million stock tank barrels

Click to view all articles for the EPIC:
Or click to view the full company profile:
Share on facebook
Share on twitter
Share on linkedin
Union Jack Oil

More articles like this

Union Jack Oil

Union Jack acquires interest in German assets through Beacon

United Kingdom-focused Union Jack Oil plc has acquired a 3.22 percent interest in Beacon Energy plc. Beacon is a full-cycle oil and gas company with a portfolio of production, development, appraisal, and exploration onshore Germany through its wholly

Union Jack Oil

Union Jack Oil acquires 3% interest in Beacon Energy

AIM-listed Union Jack Oil, a UK focused onshore hydrocarbon production, development and exploration company, has acquired a disclosable interest in Beacon Energy. Beacon is a full cycle oil and gas company with a portfolio of production, development, appraisal and exploration

Union Jack Oil

Union Jack Oil acquires 3% Interest in Beacon Energy

Union Jack Oil plc (LON:UJO) a UK focused onshore hydrocarbon production, development and exploration company has announced that the Company has acquired a disclosable interest in Beacon Energy plc (LON:BCE). Beacon is a full cycle oil and gas company with a portfolio

Union Jack Oil

Oil prices surge as stocks drain away from Cushing

U.S. crude oil prices have surged and the futures strip has moved into a sharp backwardation as inventories have drained away from the NYMEX delivery point at Cushing in Oklahoma. Futures prices for crude delivered in October climbed

Union Jack Oil

Oil near 10-month peak on supply tightness

Oil rose on Wednesday, firming its ground near a 10-month peak reached during trading a day earlier, as the market balanced supply concerns over Libya output and OPEC+ cuts with global macroeconomic headwinds. Benchmark Brent futures edged higher

Union Jack Oil

Installation of jet pump system at Wressle

Union Jack Oil, Europa Oil & Gas (Holdings), and Egdon Resources have announced that the installation of a jet pump system and accompanying surface equipment has commenced at the Wressle hydrocarbon development in England. The process is estimated

Union Jack Oil

Artificial lift aims to boost oil production at Wressle

A statement from Egdon Resources said a downhole jet pump would be installed in an artificial lift at the well, near Scunthorpe in North Lincolnshire. Artificial lift is commonly used to increase production when the energy of the reservoir is

Union Jack Oil

Union Jack Oil downhole jet pump to be installed at Wressle

Union Jack Oil plc (LON:UJO) a UK focused onshore hydrocarbon production, development and exploration company, has announced that operations have commenced on the Wressle-1 well to install a downhole jet pump and associated surface facilities as part of

Union Jack Oil

Oil settles up

Oil prices closed a volatile session slightly higher on Thursday, falling a dollar a barrel in early trading on demand worries and a strong dollar, but then bouncing back after a report of sliding gasoil stocks in Europe.

Union Jack Oil

Oil is heading well into the $90 range, says analyst

The oil market is in a bullish move and heading well into the $90 per barrel range, Bob McNally, President at Rapidan Energy, told CNBC’s Squawk Box program on Monday. Oil hitting $100 per barrel is “entirely possible,” McNally added.

Union Jack Oil

Union Jack Oil celebrates revenue milestone at Wressle

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

Union Jack Oil

Oil price rally is gaining serious momentum

The oil markets were slow to react to obviously bullish catalysts such as supply cuts, falling inventories and growing demand when they first kicked in about three months ago. Indeed, it appeared that the bears were about to

Union Jack Oil

Oil prices rise on tighter supply

Oil prices edged higher for the third straight session on Tuesday, as signs of tighter supplies and pledges by Chinese authorities to shore up the world’s second-biggest economy lifted sentiment. Brent futures gained 22 cents, or 0.3%, to

No more posts to show