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

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