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Union Jack Oil PLC's David Bramhill delighted with new Wressle cost estimate

David Bramhill, Union Jack Oil PLC’s (LON:UJO) chief executive, says he is delighted with the update today from Egdon Resources, the operator of the Wressle field in Lincolnshire.

Production is scheduled to start in the second half of the year, with Egdon confirming that the field will be profitable at a price above US$17.62 per barrel.

Even at the current depressed oil price, Wressle will put UJO into the black he says.

“Wressle is a really good discovery and now it’s all systems go.”

UJO has no debt, Bramhill adds and is in a healthy financial position to weather the current oil and coronavirus disruption.

Quick facts: Union Jack Oil PLC

Price: 0.16 GBX

AIM:UJO
Market: AIM
Market Cap: £24.71 m
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Union Jack Oil PLC’s (LON:UJO) David Bramhill tells Proactive London's Andrew Scott they're fully funded for all its current drilling and well testing commitments. He says they had £5.5mln cash in the bank at the start of May and remains debt-free. Bramhill is confident the company can...

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