REG - Union Jack Oil PLC - US$13m Net Revenues Landmark Reached at Wressle

Union Jack OilAnnouncement

06/02/2023 07:00

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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
info@unionjackoil.com

David Bramhill

 

SP Angel Corporate Finance LLP
                                          +44 (0)20 3470
0470

Nominated Adviser and Broker

Matthew Johnson

Kasia Brzozowska

Richard Hail

 

 

Shore Capital
 
             +44(0)20 7408 4090

Joint
Broker
 

Toby Gibbs

Iain Sexton

 

 

 

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