US$7,000,000 Net Revenues Landmark Reached at Wressle

Source: www.gulfoilandgas.com 6/20/2022, Location: Europe

Union Jack Oil plc, a UK-focused onshore hydrocarbon production, development, and exploration company, is pleased to announce that the Wressle hydrocarbon development ("Wressle"), located within licences PEDL180 and PEDL182 in North Lincolnshire on the western margin of the Humber Basin, has achieved material landmark net revenues of US$7,000,000. Union Jack owns a 40 percent economic stake in the project.

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”.


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