US$13m Net Revenues Landmark Reached at Wressle

RNS Number : 9178O

Union Jack Oil PLC

06 February 2023

 

6 February 2023

Union Jack Oil plc

("Union Jack" or the "Company")

US$13,000,000 Net Revenues Landmark Reached at Wressle

Union Jack Oil plc (AIM: UJO) a UK focused onshore hydrocarbon production, development and exploration company, is pleased to announce that material landmark net revenues of US$13,000,000 have been achieved from the Wressle hydrocarbon development ("Wressle"), 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.

Highlights

· Landmark US$13,000,000 revenues generated to Union Jack since re-commencement of production at Wressle on 19 August 2021

· Well producing at historically record rates, under natural flow with zero water cut

· Site upgrades including installation of microturbines and associated equipment ongoing

· 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

· As of 3 February 2023, cash balances, short- term receivables and liquid investments stood at over £10,000,000

· Debt free

Executive Chairman of Union Jack, David Bramhill, commented: " Revenues from Wressle continue to bolster the Company's Balance Sheet.

"Since the last production update, another impressive production performance from the Wressle-1 well has been recorded and the trend as seen throughout 2022 and the start of 2023 remains positive.

"Cash balances are expanding significantly on a monthly basis, and we are funded for G&A, OPEX and contracted or planned CAPEX costs, including any drilling activities for at least the next 12 months ."

For further information, please contact: 

Union Jack Oil plc  [e-mail]

David Bramhill

SP Angel Corporate Finance LLP                                                        [phone]

Nominated Adviser and Broker

Matthew Johnson

Kasia Brzozowska

Richard Hail

Shore Capital                 [phone]

Joint Broker   

Toby Gibbs

Iain Sexton

 

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