Union Jack Oil plc has reached material net revenues of US$12 million from the Wressle joint venture hydrocarbon development in North Lincolnshire on the western margin of the Humber Basin.
OPERATIONS
The figure dates from the restart of production in licences PEDL180 and PEDL182 on 19 August 2021.
Union Jack, which holds a 40% economic interest, said that the well continued to produce under natural flow with zero water cut and that site improvements continued.
The company added that a utilisation plan for the associated gas from the Ashover grit reservoir was currently underway.
FINANCES
Union Jack continues to have cash to cover all G&A, opex and contracted or planned capex costs, including any drilling activities for at least the next 12 months.
“As of 2 January 2023, cash balances, short-term receivables and liquid investments stood at over £9,910,598.”
This follows a total inaugural special dividend payment in excess of £900,000 during December 2022 and recent Wressle site upgrades of £250,000 net to the company.
Union Jack added that unaudited revenues from 1 January 2022 to 30 December 2022 were in excess of £8,400,000 (audited 2021: £1,894,875).
The company remains free of debt.