Union Jack Oil PLC US$2,000,000 Net Revenues Reached at Wressle (9864X)
January 11 2022 - 2:00AM
UK Regulatory
TIDMUJO
RNS Number : 9864X
Union Jack Oil PLC
11 January 2022
11 January 2022
Union Jack Oil plc
("Union Jack" or the "Company")
US$2,000,000 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 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
-- US$2,000,000 revenues generated to Union Jack at Wressle
since re-commencement of production on 19 August 2021
-- Well is producing under natural flow
-- Production remains constrained on a restricted choke
-- Zero water cut
-- Staged site upgrades ongoing
-- For the first time Union Jack is now cash flow positive
covering all corporate, administrative and project operating
costs
-- As at 11 January 2022, cash balances of GBP6,270,045 and receivables of GBP1,568,521
-- Debt free
Executive Chairman of Union Jack, David Bramhill, commented: "
The revenues of in-excess of US$2,000,000 to Union Jack, whilst
under test production, are highly positive for the Company which
remains in prime financial health as the above figures
illustrate.
"We believe that Wressle holds considerable further upside which
will be demonstrated over the foreseeable future and we look
forward to reporting on progress in due course.
"As well as Wressle, the Company has three other cash generating
projects and under current oil prices, for the first time is now
cashflow positive and covering all of its outgoings, including
corporate, administrative and project operating costs."
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
Richard Morrison
Richard Hail
Caroline Rowe
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END
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