Union Jack Oil plc said it had now gained net revenues of US$5 million (£4m) from the Wressle onshore hydrocarbon development in North Lincolnshire.
OPERATIONS
The figure is the amount to date since production restarted in August 2021, and is an increase of £1m since the end of March 2022.
The company holds a 40% economic interest in the project in licences PEDL180 and PEDL182, which is operated by Egdon Resources UK Ltd.
Union Jack said that the well continued to produce under natural flow with zero water cut, and that upgrades at the site also continued.
FINANCES
As at 22 April 2022, the company’s cash balances and short term receivables were in excess £7.05 million.
Net revenues total £2.4m to date in 2022, exceeding 2021 year end unaudited revenues of more than £1.8m.
Union Jack said it was covered for all operational and all contracted or planned CAPEX costs, including any budgeted drilling activities, and remained debt free.
The company’s solicitors are progressing legal work on a capital reduction exercise to enable a share buy-back programme or dividend payment.