Union Jack Oil PLC US$9m Net Revenues Landmark Reached at Wressle (2776X)

TIDMUJO

RNS Number : 2776X

Union Jack Oil PLC

26 August 2022

26 August 2022

Union Jack Oil plc

("Union Jack" or the "Company")

US$9,000,000 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 of US$9,000,000 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$9,000,000 revenues generated to Union Jack since re-commencement of production on 19 August 2021

   --    Well continues to produce 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

   --    At 25 August 2022, cash balances and short term receivables stood at over GBP9,460,000 
   --    Site upgrades ongoing 
   --    Debt free 

Executive Chairman of Union Jack, David Bramhill, commented: " The revenues of in-excess of US$9,000,000 from the Wressle development continue to have a positive impact on the Company's Balance Sheet.

"Since the last production update published during July 2022, another impressive production performance from the Wressle-1 well has been recorded and the trend 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.

"We look forward to reporting a positive set of Half Yearly Results for the period ending 30 June 2022, recording a maiden profit, in mid-September 2022."

For further information, please contact

Union Jack Oil plc [e-mail]

David Bramhill

SP Angel Corporate Finance LLP [phone]

Nominated Adviser and Broker

Matthew Johnson

Richard Hail

Caroline Rowe

Shore Capital

Joint Broker [phone]

Toby Gibbs

Iain Sexton

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August 26, 2022 02:00 ET (06:00 GMT)