---
title: "Union Jack Oil PLC (AIM:UJO) US$16m Net Revenues Landmark Reached at Wressle"
publisher: "Share Talk"
author: "sharetalk"
published: "2023-06-14T06:12:19+00:00"
modified: "2023-06-14T06:12:19+00:00"
date: 2023-06-14
canonical: "https://www.share-talk.com/union-jack-oil-plc-aimujo-us16m-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$16m Net Revenues Landmark Reached at Wressle

**Published:** June 14, 2023
**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 hydrocarbon production, development and exploration company, is pleased to announce that material landmark net revenues, in excess of US$16,000,000 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$16,000,000 revenues generated to Union Jack since re-commencement of production at Wressle during August 2021

· Well producing under natural flow with zero water cut

· Oil production stable at approximately 780 barrels per day under restricted flow

· 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 13 June 2023, the Company held cash balances and short-term receivables in excess of £9,230,000 and liquid investments stood at over £2,300,000, totalling over £11,500,000

· Debt free and remains highly cash generative

· Selective share buy-back programme since commencement has bought 4.6% of shares in issue and will improve earnings per share accordingly

· Interim Dividend of 0.3 pence per share (announced 28 March 2023) to be paid on 28 July 2023

**Executive Chairman of Union Jack, David Bramhill, commented:** “Revenues from Wressle continue to bolster the Company’s Balance Sheet, complemented by cash-flow from the Keddington Oilfield (UJO 55% interest), where planning is in place and a side-track well is planned to be drilled.

“Since the last production update of 10 May 2023, another consistent and impressive performance from the Wressle-1 well has been recorded.

“The share buy-back and dividend programmes continue and the Company now holds 5,200,000 ordinary shares in Treasury, or 4.6% of the shares in issue, that will improve earnings per share accordingly.

“An Interim Dividend of 0.3 pence will be paid on 28 July 2023, with an ex-dividend date of Thursday 6 July 2023.

“The Company looks forward to the revised Wressle Competent Person`s Report, implementation of multiple work programmes and the drilling of wells on its project interests, all of which will be fully funded from existing cash balances and investments.”

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