REG - Union Jack Oil PLC - US$18m Net Revenues Reached at Wressle

Union Jack OilAnnouncement

15/01/2024 07:00

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RNS Number : 6529Z  Union Jack Oil PLC  15 January 2024

15 January 2024

Union Jack Oil plc

("Union Jack" or the "Company")

US$18,000,000 Net Revenues Reached at Wressle

Wressle-1 Current Flow Rate

 

Union Jack Oil plc (AIM: UJO) a UK focused onshore hydrocarbon production,
development and exploration company, is pleased to announce that material net
revenues in excess of US$18,000,000 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.

 

·    US$18,000,000 revenues generated to Union Jack since re-commencement
of production at Wressle in August 2021

·    Wressle-1 well gross production currently averaging a constrained 665
barrels of oil per day, as the Operator continues to evaluate the reservoir
response to increased pump rates

·    Union Jack continues to be cash flow positive covering all planned
G&A, OPEX and CAPEX liabilities

·    Cash, short term receivables and investments at 12 January 2024, in
excess of £9.45 million

·    Debt free and remains highly cash generative

 

Executive Chairman of Union Jack, David Bramhill, commented: "The
US$18,000,000 net revenues achieved to date from Wressle (UJO 40%) continue to
bolster the Company's Balance Sheet, complemented by additional cash-flow from
the Keddington oilfield (UJO 55%). Going forward, future production and
revenue updates from Wressle will be reported on a quarterly basis.

"The Wressle-1 well has responded favourably to the new jet pump rate. The
engineers may decide to further increase these rates whilst the well
performance is continually being optimised to maximise oil recovery volumes.

"The recently announced 263% increase in 2P reserves has led to a material
upgrade in value of the Wressle development and we look forward to reporting
on further progress at our flagship project."

 

 

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 Stockbrokers Limited    +44 (0)20 7408 4090

 Joint Broker

 Toby Gibbs

 Iain Sexton

 BlytheRay                             +44 (0)20 7138 3204

 Financial PR

 Tim Blythe

 Megan Ray

 

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