Source - LSE Regulatory
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 £8,400,000

·    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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCBKOBQPBKDFAD
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJBell logo

Related Charts

Union Jack Oil PLC (UJO)

-0.50p (-3.33%)
delayed 16:57PM