Union Jack Oil today announced that material landmark net revenues of US$13,000,000 have been achieved from the Wressle hydrocarbon development, 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$13,000,000 revenues generated to Union Jack since re-commencement of production at Wressle on 19 August 2021
• Well producing at historically record rates, under natural flow with zero water cut
• Site upgrades including installation of microturbines and associated equipment ongoing
• 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 3 February 2023, cash balances, short- term receivables and liquid investments stood at over £10,000,000
• 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 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."