Union Jack Oil PLC (AIM:UJO) has highlighted "another consistent and impressive production performance" as it reported the latest revenue milestone at the Wressle field in North Lincolnshire.
Wressle has now yielded more than US$14mln of net revenue to the company since it was brought online in August 2021, Union Jack said in a statement.
The field, 40%-owned by Union Jack, continues to produce oil under natural flow with zero water cut, it added.
"Revenues from Wressle continue to bolster the company's balance sheet,” said executive chair David Bramhill.
"Since the last production update, another consistent and 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.
"Encouragingly, our significant cash balance continues to expand 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."
At 24 March 2023, Union had a cash balance of £10.5mln.