REG - Union Jack Oil PLC - Wressle Update - PEDL180/182

Union Jack OilAnnouncement

18/10/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231018:nRSR4285Qa&default-theme=true

RNS Number : 4285Q  Union Jack Oil PLC  18 October 2023

18 October 2023

Union Jack Oil plc

 ("Union Jack" or the "Company")

  Wressle Update - PEDL180/182

 

Union Jack Oil plc (AIM: UJO) a UK focused onshore hydrocarbon production,
development and exploration company is pleased to announce that workover
operations on the Wressle-1 well to install a downhole jet pump and recomplete
the well have been successfully concluded. The workover rig has been
demobilised from the Wressle site.

A new surface Triplex pump has been purchased and has been installed and
connected.  The final stages of the surface facilities upgrades are nearing
completion.  The re-instatement of production operations at Wressle-1 well is
currently expected during the week commencing 23 October 2023.

Union Jack hold a 40% economic interest in PEDL180/182.

 

David Bramhill, Executive Chairman of Union Jack commented: "I am pleased with
the operations being progressed at Wressle.

"The capital expenditure incurred in the completion of these works is
comfortably funded from existing cash balances and will be offset against the
Energy Profit Levy Tax at a rate of 129%.

"I look forward to updating the market once stabilised production has been
achieved."

 

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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCBUBDGCSBDGXR