Union Jack Oil 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.
David Bramhill, Executive Chairman of Union Jack, commented:
‘Wressle continues to deliver robust revenues, bolstering our already strong Balance Sheet.
‘The next stage of Wressle’s development will underline the management’s approach to unlocking value and further optimise production and economic returns for shareholders from our flagship asset.
‘Cash flows from Wressle remain the fuel for growth going forward, providing the financial resources necessary to progress the development of assets both in the UK and USA.
‘The Company is in excellent financial health and well poised to take advantage of the opportunities before it.
‘Given our sound financial position and the additional cash flow from Union Jack’s expanding United States Mineral royalty portfolio, the Board will be announcing the payment of a dividend to qualifying shareholders, details of which will be notified in May 2024.’
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.
