REG - Union Jack Oil PLC - US$14m Net Revenues Landmark Reached at Wressle

Union Jack OilAnnouncement

27/03/2023 07:00

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RNS Number : 2125U  Union Jack Oil PLC  27 March 2023

27 March 2023

Union Jack Oil plc

("Union Jack" or the "Company")

US$14,000,000 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, well in excess of US$14,000,000 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$14,000,000 revenues generated to Union Jack since
re-commencement of production at Wressle during August 2021

·    Well producing 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

·    As of 24 March 2023, cash balances, short-term receivables and
investments stood at over £10,500,000

·    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 consistent and 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.

"Encouragingly, our significant cash balance continues to expand 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 Joint Broker
 Matthew Johnson
 Richard Hail
 Kasia Brzozowska

 Shore Capital                       +44 (0)20 7408 4090
 Joint Broker
 Toby Gibbs
 Iain Sexton

 

 

 

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