Union Jack Oil PLC Wressle Update and US$1m Net Revenues Reached (3405Q)
October 27 2021 - 01:00AM
UK Regulatory
TIDMUJO
RNS Number : 3405Q
Union Jack Oil PLC
27 October 2021
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.
27 October 2021
Union Jack Oil plc
("Union Jack" or the "Company")
Wressle Update and US$1,000,000 Net Revenues Landmark
Reached
Union Jack Oil plc (AIM: UJO) a UK focused onshore hydrocarbon
production, development and exploration company, is pleased to
offer an update in respect of ongoing operations and landmark net
revenues at 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
-- Landmark US$1,000,000 net revenues generated to Union Jack
since re-commencement of production on 19 August 2021
-- Current daily production figures well in-excess of prognosed
500 barrels of oil per day from the Ashover Grit reservoir
-- Elevated production rates maintained during well test on
significantly restricted choke setting and sustained high flowing
wellhead pressure
-- Well is producing under natural flow
-- Clean up continuing and full potential yet to be achieved
-- Zero water cut
-- Staged site upgrades have commenced
-- Wressle production highly profitable at current oil prices
-- Further development and production at Wressle can be achieved
from the Wingfield Flags and Penistone Flags formations
-- Gaffney Cline Competent Person's Report commissioned by Union Jack ongoing
Executive Chairman of Union Jack, David Bramhill, commented:
"The net revenues exceeding US$1,000,000 within a relatively short
timeframe is financially transformational for Union Jack.
"Our acquisition of further interests in Wressle over the last
couple of years from just 8.33% to being the major equity holder
with 40% is now showing material results and gives us increased
confidence that the Company is set to deliver on its aim to become
a self-sustainable entity in due course.
"Union Jack has four cash generating projects within its
balanced portfolio and revenues for year end 2021 are guaranteed to
eclipse those reported upon in 2020 and for the six months ended 30
June 2021.
"We believe that Wressle holds considerable further upside and
we look forward to reporting on progress in due course."
Competent Person's Statement
In accordance with the "AIM Rules-Note for Mining and Oil and
Gas Companies", the information contained within this announcement
has been reviewed and signed off by Graham Bull, Non-Executive
Director, who has over 46 years of international oil and gas
industry experience. Graham Bull is a member of the Petroleum
Exploration Society of Great Britain, the American Association of
Petroleum Geologists and a Fellow of the Geological Society of
London.
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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