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.
· 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
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 [email protected]
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