Union Jack Oil PLC US$9m Net Revenues Landmark Reached at Wressle (2776X)
26 August 2022 - 04:00PM
UK Regulatory
TIDMUJO
RNS Number : 2776X
Union Jack Oil PLC
26 August 2022
26 August 2022
Union Jack Oil plc
("Union Jack" or the "Company")
US$9,000,000 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$9,000,000 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$9,000,000 revenues generated to Union Jack since
re-commencement of production on 19 August 2021
-- Well continues to produce under natural flow with zero water cut
-- 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
-- At 25 August 2022, cash balances and short term receivables stood at over GBP9,460,000
-- Site upgrades ongoing
-- Debt free
Executive Chairman of Union Jack, David Bramhill, commented: "
The revenues of in-excess of US$9,000,000 from the Wressle
development continue to have a positive impact on the Company's
Balance Sheet.
"Since the last production update published during July 2022,
another impressive production performance from the Wressle-1 well
has been recorded and the trend 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.
"We look forward to reporting a positive set of Half Yearly
Results for the period ending 30 June 2022, recording a maiden
profit, in mid-September 2022."
For further information, please contact
Union Jack Oil plc info@unionjackoil.com
David Bramhill
SP Angel Corporate Finance LLP +44 (0)20 3470 0470
Nominated Adviser and Broker
Matthew Johnson
Richard Hail
Caroline Rowe
Shore Capital
Joint Broker +44(0)20 7408 4090
Toby Gibbs
Iain Sexton
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