Union Jack Oil PLC US$6 Million Net Revenues Reached at Wressle (3285M)
May 23 2022 - 1:00AM
UK Regulatory
TIDMUJO
RNS Number : 3285M
Union Jack Oil PLC
23 May 2022
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.
23 May 2022
Union Jack Oil plc
("Union Jack" or the "Company")
US$6 Million Net Revenues Landmark Reached at Wressle Production
Development
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$6 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.
Union Jack holds a 40% economic interest in this producing
hydrocarbon development.
Highlights
-- Landmark US$6 million revenues generated to Union Jack since
re-commencement of production during August 2021
-- Well continues to produce under natural flow with zero water cut
-- Site upgrades ongoing
-- As at 23 May 2022, the Company's cash balances and short term
receivables stand at in-excess of GBP7.7 million
-- The Company is covered for all G&A, OPEX and contracted
or planned CAPEX costs, including any budgeted drilling activities
for at least the next 12 months
-- Debt free
Executive Chairman of Union Jack, David Bramhill commented:
"Another period of stellar performance from the Wressle-1
development has been achieved.
"Union Jack is now on a material growth trajectory which augers
well for the future of the Company and its shareholders."
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
Matthew Johnson
Richard Hail
Caroline Rowe
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