Business
US$15m Net Revenues Landmark Reached at Wressle
US$15m Net Revenues Landmark Reached at Wressle.
About this update from Union Jack Oil Plc
[{"type":"text","content":"\n\n10 May 2023\nUnion Jack Oil plc\n(\"Union Jack\" or the \"Company\")\nUS$15,000,000 Net Revenues Landmark Reached at Wressle\n \nUnion Jack Oil plc (AIM: UJO) a UK focused onshore hydrocarbon production, development and exploration company, is pleased to announce that material landmark net revenues, in excess of US$15,000,000 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.\nUnion Jack holds a 40% economic interest in this development.\n \nHighlights\n· Landmark US$15,000,000 revenues generated to Union Jack since re-commencement of production at Wressle during August 2021\n· Well producing under natural flow with zero water cut\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· As of 9 May 2023, cash balances, short- term receivables and liquid investments stood at over £10,500,000\n· Debt free\n \nExecutive Chairman of Union Jack, David Bramhill, commented: \"Revenues from Wressle continue to bolster the Company's Balance Sheet.\n\"Since the last production update, another consistent and impressive performance from the\nWressle-1 well has been recorded and the trend during 2023 remains positive with materially higher production rates than those seen on a like-for-like basis during the same time period in 2022.\"\n \nFor further information, please contact: \n\n\n\n\nUnion Jack Oil plc\n\n\[email protected]\n\n\n\n\nDavid Bramhill\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nSP Angel Corporate Finance LLP\n\n\n+44 (0)20 3470 0470\n\n\n\n\nNominated Adviser and Joint Broker\n\n\n\n\n\n\n\nMatthew Johnson\n\n\n\n\n\n\n\nRichard Hail\n\n\n\n\n\n\n\nKasia Brzozowska\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nShore Capital\n\n\n+44 (0)20 7408 4090\n\n\n\n\nJoint Broker\n\n\n \n\n\n\n\nToby Gibbs\n\n\n\n\n\n\n\nIain Sexton\n\n\n\n\n\n\n\n \n \n\n","length":6669,"tagName":"div"}]