Union Jack Oil PLC US$14m Net Revenues Landmark Reached at Wressle (2125U)

TIDMUJO

RNS Number : 2125U

Union Jack Oil PLC

27 March 2023

27 March 2023

Union Jack Oil plc

("Union Jack" or the "Company")

US$14,000,000 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, well in excess of US$14,000,000 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$14,000,000 revenues generated to Union Jack since re-commencement of production at Wressle during August 2021

   --    Well producing under natural flow with zero water cut 

-- 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 24 March 2023, cash balances, short-term receivables and investments stood at over GBP10,500,000

   --    Debt free 

Executive Chairman of Union Jack, David Bramhill, commented: " Revenues from Wressle continue to bolster the Company's Balance Sheet.

"Since the last production update, another consistent and 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.

"Encouragingly, our significant cash balance continues to expand 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             [e-mail] 
 David Bramhill 
 
 SP Angel Corporate Finance 
  LLP                             [phone] 
 Nominated Adviser and Joint 
  Broker 
 Matthew Johnson 
 Richard Hail 
 Kasia Brzozowska 
 
 Shore Capital                    [phone] 
 Joint Broker 
 Toby Gibbs 
 Iain Sexton 
 

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March 27, 2023 02:00 ET (06:00 GMT)