Union Jack Oil plc started 2023 with a positive trend for the Wressle onshore oil joint venture, recording material net revenues in excess of $14 million since production restarted.
ZERO WATER CUT
The company holds a 40% economic interest in licences PEDL180 and PEDL182 on the western margin of the Humber Basin.
Partners include operator Egdon Resources plc and Europa Oil & Gas (Holdings) plc, each with 30%.
Production resumed during August 2021 and the well is producing under natural flow with zero water cut, said Union Jack.
As of 24 March 2023, Union Jack’s cash balances, short-term receivables and investments was more than £10.5 million.
CASH EXPANSION
Executive chairman David Bramhill added that revenues from Wressle continued to bolster the company’s balance sheet.
“Since the last production update, another consistent and impressive production performance from the Wressle-1 well has been recorded and the trend as seen throughout 2022 and the start of 2023 remains positive.
“Encouragingly, our significant cash balance continues to expand on a monthly basis, and we are funded for G&A [general and administrative], opex and contracted or planned capex costs, including any drilling activities for at least the next 12 months.”