Union Jack Oil PLC (LON:UJO), a key player in the oil industry listed on the AIM market, has reported a significant revenue generation from its Wressle field. The returns have surpassed $18 million net since the commencement of production in summer 2021. The Wressle field, operating with a single well, has been producing an average of around 665 barrels of oil per day, marking a robust performance.
Financial Stability and Growth
With a 40% stake in the Wressle field, Union Jack Oil has attained a financial position where it is now cash flow positive. The company can cover all its general and administrative expenses, operating expenses, and capital expenditures without the need for debt. As of December 12, the company reported a surplus of over 3.45 million in cash, short-term receivables, and investments, demonstrating solid financial stability.
Additional Cash Flow from Keddington Oilfield
Beyond the revenues from Wressle, Union Jack Oil also garners cash flow from the Keddington oilfield, where it holds a 55% ownership stake. This additional revenue stream further strengthens the company’s financial position and prospects of growth.
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.
