Union Jack Oil celebrates another milestone: US$7mln in revenue from Wressle

The onshore hydrocarbon producer and explorer holds a 40% economic interest in Wressle

Author @ABMckinley

Union Jack Oil PLC (AIM: UJO) reported net sales from Wressle of US$7,000,000 have been achieved from the Wressle hydrocarbon development (“Wressle”), located within licences PEDL180 and PEDL182 in North Lincolnshire on the western margin of the Humber Basin.

A landmark US$7,000,000 revenue was generated for Union Jack since the re-commencement of production on 19 August 2021

40% of the economic interest in the development is held by the UK-based on-shore hydrocarbon producer, developer, and explorer.

The current daily production figures were also constrained at 750 barrels per day (bopd) which is well above the 500 bopd Ashover Grit reservoir.

According to the company, it is still cash flow positive with cash balances and short-term receivables exceeding £8.4mln as of Monday 20 June. It is also free of debt.

Union Jack anticipates reporting a maiden profit for the half-year ending June 30, 2022.

The much anticipated AGM will be held this week (23 June 20220) with some very important resolutions to be voted on. If shareholders want a share buyback, a dividend or both?

We won’t mention a pipeline (sorry l was thinking out loud) to connect to the national grid, now that would put the cats among the pigeons.

David Bramhill (executive chairman) commented: The ongoing excellent operational and financial performance at Wressle continues to bolster the Company’s cash position, balance sheet and income statement.

“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 the North Sea Royalties

Author @ABMckinley

The opinions expressed here are those of the author

Disclaimer: This blog is provided for general information and It does not constitute investment advice, not buy or sell shares, warrants or bonds in any companies written about within the blog. Information is taken from publicly available sources and any comment is that of the author.

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