US$6 Million Net Revenues Landmark Reached at Wressle Production Development

Source: www.gulfoilandgas.com 5/23/2022, Location: Europe

Union Jack Oil plc, 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 inexcess of £7.7 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.”


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