Union Jack Oil PLC (AIM:UJO) said US$4mln of net revenue has been recorded from the Wressle hydrocarbon development in North Lincolnshire.
It brings cash and short-term receivables to more than £6.6mln as of March 25, the company said in a statement, with operational and capex costs covered for the foreseeable future.
The income relates to the PEDL180 and PEDL182 licenses and are for the production period from last August.
Early settlement of £2.08mln has been paid to Calmar LP regarding deferred consideration of acquisition of 25% interests in PEDL180 and PEDL182.
“The revenues from the Wressle development have created a sea change in the financial robustness of Union Jack,” said executive chairman David Bramhill.
"Given the future prospects at our core projects at Wressle, West Newton, Keddington and Biscathorpe, the board of Union Jack believes the company is now on a material growth trajectory which augers well for the future of the company and its shareholders."