Union Jack Oil plc (UJO) announced it had gained landmark net revenues from the Wressle hydrocarbon development in North Lincolnshire.
PRODUCTION
The joint venture within PEDL180 and PEDL182 comprises operator Egdon Resources plc (30%), UJO (40%) and Europa Oil & Gas Holdings plc (30%).
UJO said that since the re-start of production on 19 August 2021, the project has generated US$2,000,000 to the company.
The oil well is producing under natural flow and production remains constrained on a restricted choke. Staged upgrades to the site continue.
FINANCIAL HEALTH
UJO added that for the first time it was now cash flow positive covering all corporate, administrative and project operating costs.
As at 11 January 2022, the company had cash balances of £6,270,045 and receivables of £1,568,521 and was free of debt.
Executive chairman David Bramhill said the company remained in prime financial health.