Business
US$14m Net Revenues Landmark Reached at Wressle
US$14m Net Revenues Landmark Reached at Wressle.
About this update from Union Jack Oil Plc
[{"type":"text","content":"\n \n \n 27 March 2023\n \n \n \n Union Jack Oil plc\n \n \n \n \n (\"Union Jack\" or the \"Company\")\n \n \n \n \n US$14,000,000 Net Revenues Landmark Reached at Wressle\n \n \n \n \n \n \n \n \n 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.\n \n \n 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$14,000,000\n \n revenues generated to Union Jack since re-commencement of production at Wressle during August 2021\n \n \n ·\n Well producing under natural flow with zero water cut\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 for at least the next 12 months\n \n \n ·\n As of 24 March 2023, cash balances, short-term receivables and investments stood at over\n \n £10,500,000\n \n \n \n ·\n Debt free\n \n \n \n \n \n \n \n \n Executive Chairman of Union Jack, David Bramhill, commented: \"\n \n Revenues from Wressle continue to bolster the Company's Balance Sheet.\n \n \n \"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.\n \n \n \"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.\"\n \n \n \n \n \n \n \n \n For further information, please contact:\n \n \n \n \n \n \n \n \n Union Jack Oil plc\n \n \n \n \n \n [email protected]\n \n \n \n \n \n \n David Bramhill\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n SP Angel Corporate Finance LLP\n \n \n \n \n \n +44 (0)20 3470 0470\n \n \n \n \n \n \n \n Nominated Adviser and Joint Broker\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Matthew Johnson\n \n \n \n \...