Union Jack Oil PLC US$11m Net Revenues Landmark Reached at Wressle (2094G)
14 November 2022 - 06:00PM
UK Regulatory
TIDMUJO
RNS Number : 2094G
Union Jack Oil PLC
14 November 2022
14 November 2022
Union Jack Oil plc
("Union Jack" or the "Company")
US$11,000,000 Net Revenues Landmark Reached at Wressle
Union Jack Oil plc (AIM: UJO), a UK focused onshore conventional
hydrocarbon production, development and exploration company, is
pleased to announce that material landmark net revenues of
US$11,000,000 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$11,000,000 revenues generated to Union Jack since
re-commencement of production at Wressle on 19 August 2021
-- Well continues to produce under natural flow with zero water cut
-- Site upgrades ongoing and gas monetisation plan in place for
both Ashover Grit and Penistone Flags reservoirs
-- Union Jack continues to be cash flow positive covering all
G&A, OPEX and contracted or planned CAPEX costs, including any
drilling activities or work programme commitments for 2023 and into
2024
-- At 11 November 2022, cash balances, short- term receivables
and liquid investments stood at over GBP10,800,000
-- Unaudited Q3 2022 accounts show a further profitable period for the Company
-- Unaudited revenues from 1 January 2022 to date are in-excess
of GBP7,900,000 (Audited 2021: GBP1,894,875)
-- Debt free
-- Maiden Special Dividend of 0.8 pence per Ordinary share announced
-- Share buy-back programme initiated, boosting Earnings per Share
Executive Chairman of Union Jack, David Bramhill, commented: "
The revenues of in-excess of US$11,000,000 from the Wressle
development continue to bolster the Company's Balance Sheet.
"Since the last production update, another impressive
performance from the Wressle-1 well has been recorded and the
trend, as seen throughout 2022 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 or work programme
commitments, for 2023 and into 2024.
"We are pleased to have announced a maiden special dividend of
0.8 pence per ordinary share, payable on 16 December 2022, as well
as the commencement of a share buy-back programme where the Company
controls the number of shares to be bought, within the authorities
approved at the Annual General Meeting in June 2022.
"Your Company has achieved a number of significant milestones
during 2022, which include a strengthened balance sheet, cash
generation, profitability, and an upgraded reserve and resource
base.
"We have high expectations that this strong performance will
continue for the foreseeable future."
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 +44 (0)20 7408 4090
Joint Broker
Toby Gibbs
Iain Sexton
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