Union Jack Oil PLC (AIM:UJO) highlighted its latest revenue milestone, as the proceeds from the Wressle field have now passed US$12mln since its restart in mid-August 2021.
The company, in a statement, noted that the single-well field continues to produce under natural flow with zero water cut, meanwhile, site upgrade works are ongoing and plans are underway for the associated gas from the Ashover grit reservoir.
In terms of financial metrics, the company told investors it had just shy of £10mln in cash and equivalents, following a maiden special dividend in December (which returned £900,000 to shareholders).
"The revenues of in-excess of US$12,000,000 from the Wressle development continue to bolster the company's balance sheet,” said Union Jack chair David Bramhill.
"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."