---
title: "Union Jack Oil PLC (AIM:UJO) US$11m Net Revenues Landmark Reached at Wressle"
publisher: "Share Talk"
author: "sharetalk"
published: "2022-11-14T07:16:17+00:00"
modified: "2022-11-14T07:16:17+00:00"
date: 2022-11-14
canonical: "https://www.share-talk.com/union-jack-oil-plc-aimujo-us11m-net-revenues-landmark-reached-at-wressle/"
category: "Energy"
categories: ["Energy"]
tags: ["3D seismic data", "Biscathorpe", "Biscathorpe-2", "Claymore", "David Bramhill", "development", "EDR", "Egdon Resources", "Egdon Resources U.K", "EOG", "Europa Oil & Gas", "Fiskerton Airfield", "gas", "Graham Bull", "Humber Basin", "Humber Oil & Gas Limited", "HYDROCARBON", "Keddington", "North Sea", "oil", "oilfield", "onshore hydrocarbon", "PEDL253 licence", "Piper", "production", "Scapa", "Share Talk", "side-track", "South Humber Basin", "UJO", "Union Jack Oil", "Union Jack Oil plc", "Weald Basin", "West Newton", "West Newton A-2", "Wressle", "Wressle-1"]
image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1"
format: "news"
language: "en-GB"
---

# Union Jack Oil PLC (AIM:UJO) US$11m Net Revenues Landmark Reached at Wressle

**Published:** November 14, 2022
**Author:** sharetalk
**Categories:** Energy
**Tags:** 3D seismic data, Biscathorpe, Biscathorpe-2, Claymore, David Bramhill, development, EDR, Egdon Resources, Egdon Resources U.K, EOG, Europa Oil & Gas, Fiskerton Airfield, gas, Graham Bull, Humber Basin, Humber Oil & Gas Limited, HYDROCARBON, Keddington, North Sea, oil, oilfield, onshore hydrocarbon, PEDL253 licence, Piper, production, Scapa, Share Talk, side-track, South Humber Basin, UJO, Union Jack Oil, Union Jack Oil plc, Weald Basin, West Newton, West Newton A-2, Wressle, Wressle-1
**Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1)

---

**Union Jack Oil plc (AIM: UJO),** a UK focused onshore conventional hydrocarbon production, development and exploration company, is pleased to announce that material landmark net revenues of US$11,000,000 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.

**Union Jack holds a 40% economic interest in this development.**

**Highlights**

· Landmark US$11,000,000 revenues generated to Union Jack since re-commencement of production at Wressle on 19 August 2021

· Well continues to produce under natural flow with zero water cut

· Site upgrades ongoing and gas monetisation plan in place for both Ashover Grit and Penistone Flags reservoirs

· Union Jack continues to be cash flow positive covering all G&A, OPEX and contracted or planned CAPEX costs, including any drilling activities or work programme commitments for 2023 and into 2024

· At 11 November 2022, cash balances, short- term receivables and liquid investments stood at over £10,800,000

· Unaudited Q3 2022 accounts show a further profitable period for the Company

· Unaudited revenues from 1 January 2022 to date are in-excess of £7,900,000 (Audited 2021: £1,894,875)

· Debt free

· Maiden Special Dividend of 0.8 pence per Ordinary share announced

· Share buy-back programme initiated, boosting Earnings per Share

![](https://www.share-talk.com/wp-content/uploads/2022/11/stencil.default-2-1-750x406-1-750x406-1-750x406-1-300x162.jpg)

**Executive Chairman of Union Jack, David Bramhill, commented:** ” The revenues of in-excess of US$11,000,000 from the Wressle development continue to bolster the Company’s Balance Sheet.

“Since the last production update, another impressive performance from the Wressle-1 well has been recorded and the trend, as seen throughout 2022 remains positive.

“Cash balances are expanding significantly on a monthly basis and we are funded for G&A, OPEX and contracted or planned CAPEX costs, including any drilling activities or work programme commitments, for 2023 and into 2024.

“We are pleased to have announced a maiden special dividend of 0.8 pence per ordinary share, payable on 16 December 2022, as well as the commencement of a share buy-back programme where the Company controls the number of shares to be bought, within the authorities approved at the Annual General Meeting in June 2022.

“Your Company has achieved a number of significant milestones during 2022, which include a strengthened balance sheet, cash generation, profitability, and an upgraded reserve and resource base.

**“We have high expectations that this strong performance will continue for the foreseeable future.”**

For further information, please contact

Union Jack Oil plc [info@unionjackoil.com](mailto:info@unionjackoil.com)

David Bramhill

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