Union Jack Oil PLC (AIM:UJO) has cheered its latest revenue landmark at the Wressle field where net revenues have now surpassed US$13mln for the small-cap onshore oiler.
The company, in a statement, noted that the one-well development continues to produce at record rates, under natural flow with zero water cut.
Operationally, meanwhile, work to upgrade site facilities are ongoing and plans to upgrade the project are also progressing.
"Revenues from Wressle continue to bolster the company's balance sheet,” said executive 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."
Union Jack said it had more than £10mln of cash (plus short-term receivables and liquid investments) as of 3 February and it remains debt free.
It owns a 40% stake in Wressle alongside partners Egdon Resources PLC (AIM:EDR) and Europa Oil & Gas (Holdings) PLC (AIM:EOG).