Union Jack Oil provides Wressle update and plans for Dividend Payment

Union Jack Oil plc (LON:UJO), a UK and USA focused onshore hydrocarbon production, development and exploration company, has announced an update in respect of 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.

·    In excess of US$19,000,000 generated net to Union Jack since the recommencement of production at Wressle in August 2021 and remains materially cash generative

·    Production for Q1 2024 averaged circa 530 barrels of oil per day (gross) with an average water cut of 24.3%, which is easily disposed of at a nearby facility at negligible cost

·    Current production comfortably exceeds ERC Equipoise’s forecasts, as indicated in its December 2023 Competent Person’s Report

Click to view all articles for the EPIC:
Or click to view the full company profile:
Union Jack Oil

More articles like this

Union Jack Oil

Oil prices steady as investors await key data

Oil prices were little changed on Tuesday as investors waited on data this week, including U.S. inflation indicators and a monthly report from the Organization of the Petroleum Exporting Countries. Brent crude futures fell 18 cents

Union Jack Oil

Union Jack Oil declares Dividend of 0.25 pence per share

Union Jack Oil plc (LON:UJO; OTCQB:UJOGF), a UK and USA focused onshore hydrocarbon production, development, exploration and investment company, has announced, further to its notification of 17 April 2024, the details of a dividend payable to shareholders. The

Union Jack Oil

Union Jack appoints Craig Howie as NED

Union Jack Oil plc has appointed Craig Howie as an independent non-executive director, with effect from 22 April 2024. He will be chairman of the audit committee and member of the remuneration committee when current NED