Business
US$11m Net Revenues Landmark Reached at Wressle
US$11m Net Revenues Landmark Reached at Wressle.
About this update from Union Jack Oil Plc
[{"type":"text","content":"\n \n \n 14 November 2022\n \n \n \n \n \n \n \n \n Union Jack Oil plc\n \n \n \n \n (\"Union Jack\" or the \"Company\")\n \n \n \n \n US$11,000,000 Net Revenues Landmark Reached at Wressle\n \n \n \n \n \n \n Union Jack Oil plc (AIM: UJO), a UK focused onshore conventional hydrocarbon production, development and exploration company, is pleased to announce that material landmark net revenues of US$11,000,000 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.\n \n \n \n \n \n \n \n \n Highlights\n \n \n \n ·\n Landmark\n \n US$11,000,000\n \n revenues generated to Union Jack since re-commencement of production at Wressle on 19 August 2021\n \n \n ·\n Well continues to produce under\n \n natural flow\n \n with\n \n zero\n \n water cut\n \n \n ·\n \n Site upgrades\n \n ongoing and\n \n gas monetisation plan\n \n in place for both Ashover Grit and Penistone Flags reservoirs\n \n \n ·\n Union Jack continues to be cash flow positive covering all G&A, OPEX and contracted or planned CAPEX costs, including any drilling activities or work programme commitments for 2023 and into 2024\n \n \n ·\n At 11 November 2022, cash balances, short- term receivables and liquid investments stood at over\n \n £10,800,000\n \n \n \n ·\n Unaudited Q3 2022 accounts show a further\n \n profitable\n \n period for the Company\n \n \n ·\n Unaudited revenues from 1 January 2022 to date are in-excess of\n \n £7,900,000\n \n (Audited 2021: £1,894,875)\n \n \n ·\n Debt free\n \n \n ·\n Maiden Special Dividend of\n \n 0.8 pence\n \n per Ordinary share announced\n \n \n ·\n Share buy-back programme initiated, boosting\n \n Earnings per Share\n \n \n \n \n \n \n \n Executive Chairman of Union Jack, David Bramhill, commented: \"\n \n The\n revenues of in-excess of US$11,000,000 from the Wressle development continue to bolster the Company's Balance Sheet.\n \n \n \"Since the last production update, another impressive performance from the Wressle-1 well has been recorded and the trend, as seen throughout 2022 remains positive.\n \n \n \"Cash balances are expanding significantly on a monthly basis and we are funded for G&A, OPEX and contracted or ...