Union Jack Oil PLC (AIM:UJO) said its cash and liquid holdings now amount to more than £10.5mln with no debt, as aggregate net revenues from the Wressle field in north Lincolnshire rose to more than £15mln.
Wressle resumed operations in August 2021 and is currently producing under natural flow with zero water cut, Union Jack said, adding that the trend during 2023 remains positive "with materially higher production rates than seen on a like-for-like basis during the same time period in 2022".
Union Jack holds a 40% economic interest in Wressle.