Business
US$4 Million Net Revenues Reached at Wressle
US$4 Million Net Revenues Reached at Wressle.
About this update from Union Jack Oil Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1412G\n Union Jack Oil PLC\n 28 March 2022\n \n \n \n \n This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (\"MAR\"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.\n \n \n 28 March 2022\n \n Union Jack Oil plc\n (\"Union Jack\" or the \"Company\")\n US$4 Million Net Revenues Landmark Reached at Wressle Production Development\n Financial Update\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 of US$4 million 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 Union Jack holds a 40% economic interest in this producing hydrocarbon development.\n \n Highlights\n \n · Landmark US$4 million revenues generated to Union Jack since re-commencement of production during August 2021\n \n · Well continues to produce under natural flow with zero water cut\n \n · Site upgrades ongoing\n \n · As at 25 March 2022, the Company`s cash balances and short term receivables stand at in-excess of £6.6 million\n \n · Early settlement of £2,083,000 has been paid made to Calmar LP in respect of deferred consideration on acquisition of 25% interests in PEDL180 and PEDL182 containing the Wressle development\n \n · The Company is covered for all operational and CAPEX costs, including any envisaged drilling, for the foreseeable future\n \n · Wressle operational update to be published during April 2022\n \n · Company solicitors engaged to advance legal work on Capital Reduction exercise to enable the Company to execute share buy-back programme or dividend payment\n \n · Debt free\n \n \n \n Executive Chairman of Union Jack, David Bramhill commented: \"The revenues from the Wressle development have created a sea change in the financial robustness of Union Jack, as the figures above illustrate.\n \"We are still in the early stages of the process of unlocking the significant upside potential at Wressle which is continuously improving ...