Union Jack Oil plc has reached material landmark net revenues of US$9,000,000 from the Wressle joint venture hydrocarbon development in North Lincolnshire.
OPERATIONS
Union Jack holds a 40% economic interest in the development, operated by Egdon Resources, which restarted production on 19 August 2021.
The company said that the well, located on licences PEDL180 and PEDL182, continued to produce under natural flow with zero water cut.
Upgrades at the site continue.
FINANCES
Union Jack added it continued to be cash flow positive covering all G&A, opex and contracted or planned capex costs, including any drilling activities for at least the next 12 months.
As at 25 August 2022, cash balances and short term receivables were more than £9,460,000, and the company is debt free.
Executive chairman David Bramhill said the company looked forward to reporting in mid-September positive half-year results and an inaugural profit.