Union Jack Oil plc (UJO) said it had reached net revenues of $7,000,000 (£5.7m) from the Wressle hydrocarbon joint venture development in North Lincolnshire.
JOINT VENTURE
The company holds a 40% economic interest in the project, which lies in PEDL180 and PEDL182, along with operator Egdon Resources plc (30%) and Europa Oil & Gas (Holdings) plc (30%).
PRODUCTION
UJO’s revenue figure is the total since the restart of production in 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,” said the company in a statement.
UJO added that the well continued to produce under natural flow with zero water cut.
FINANCES
The company said it still held a positive cash position, covering all G&A, opex and contracted or planned capex costs, including any budgeted drilling activities for at least the next 12 months, and is debt free.
As of 20 June 2022, cash balances and short term receivables were in excess of £8,400,000 and the company expects to report an inaugural profit in its unaudited half year results ending 30 June 2022.
PERFORMANCE
“The ongoing excellent operational and financial performance at Wressle continues to bolster the company’s cash position, balance sheet and income statement,” said executive chairman David Bramhill.
“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.”
UJO has a total 13 licences in the East Midlands, Humber Basin and East Yorkshire.