Union Jack Oil PLC US$7 Million Net Revenues Reached at Wressle (3676P)
June 20 2022 - 1:00AM
UK Regulatory
TIDMUJO
RNS Number : 3676P
Union Jack Oil PLC
20 June 2022
20 June 2022
Union Jack Oil plc
("Union Jack" or the "Company")
US$7,000,000 Net Revenues Landmark Reached at Wressle
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$7,000,000 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.
Union Jack holds a 40% economic interest in this
development.
Highlights
-- Landmark US$7,000,000 revenues generated to Union Jack since
re-commencement of production on 19 August 2021
-- Current daily production figures continue to be an average
constrained flow-rate of 750 barrels of oil per day ("bopd"), well
in-excess of the prognosed 500 bopd from the Ashover Grit
reservoir
-- Well continues to produce under natural flow with zero water cut
-- Union Jack continues to be cash flow positive covering all
G&A, OPEX and contracted or planned CAPEX costs, including any
budgeted drilling activities for at least the next 12 months
-- At 20 June 2022, cash balances and short term receivables stood at in-excess of GBP8,400,000
-- Union Jack expects to report a maiden profit for the
forthcoming unaudited half year results ending 30 June 2022
-- Debt free
Executive Chairman of Union Jack, David Bramhill, commented: "
The ongoing excellent operational and financial performance at
Wressle continues to bolster the Company's cash position, balance
sheet and income statement.
"Net revenues from Wressle have now exceeded US$7,000,000 and,
as a result of this exceptional performance, plus revenue
contributions from the Keddington oilfield, the Fiskerton Airfield
oilfield and North Sea Royalties
"The Board now expects to report a maiden profit in the
forthcoming unaudited half year results ending 30 June 2022".
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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