$6M Net Revenues Landmark Reached at Wressle Production Development

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

Union Jack Oil, a UK focused onshore hydrocarbon production, development and exploration company, has announced that material landmark net revenues of US$6 million have been achieved from the Wressle hydrocarbon development, 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 £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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