Union Jack Oil PLC (AIM:UJO) US$12m Net Revenues Landmark Reached at Wressle

Union Jack Oil plc (AIM: UJO) a UK focused onshore hydrocarbon production, development and exploration company.

Is pleased to announce that material landmark net revenues of US$12,000,000 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$12,000,000 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

· Utilisation plan for the associated gas from the Ashover grit reservoir is currently underway

· Union Jack continues 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 of 2 January 2023, cash balances, short- term receivables and liquid investments stood at over £9,910,598 following a total Maiden Special dividend payment of in-excess of £900,000 during December 2022 and recent Wressle site upgrades of £250,000 net

· Unaudited revenues from 1 January 2022 to 30 December 2022 are in-excess of £8,400,000 (Audited 2021: £1,894,875)

· Debt free

Executive Chairman of Union Jack, David Bramhill, commented: ” The revenues of in-excess of US$12,000,000 from the Wressle development continue to bolster the Company’s Balance Sheet.

“Since the last production update, another impressive production performance from the Wressle-1 well has been recorded and the trend as seen throughout 2022 and the start of 2023 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 for at least the next 12 months.”

For further information, please contact

Union Jack Oil plc [email protected]

David Bramhill

Linking Shareholders and Executives :Share Talk

If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates. Terms of Website Use All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned

Weekly Newsletter

Sign up to receive exclusive stock market content in your inbox, once a week.

We don’t spam! Read our privacy policy for more info.