Union Jack Oil PLC (AIM:UJO) says it is on a material growth trajectory as it highlights a new landmark, as its 40% owned Wressle field has now delivered US$5mln of net revenues to the company.
The revenue has been generated since the restart of Wressle in August 2021.
In a stock market statement, the company noted that the Wressle well continues to produce under natural flow with zero water cut, meanwhile, well site upgrades are ongoing.
"The revenues from the Wressle development continue to highlight the sea change in the financial robustness of Union Jack, as the figures above illustrate,” said executive chairman David Bramhill.
"We are still in the early stages of the process of unlocking the significant upside potential at Wressle with the future monetisation of the natural gas at the Ashover Grit reservoir plus the substantial future revenue opportunity offered by the Contingent Resource present in the Penistone Flags reservoir that remains untapped.”
Bramhill added: "Given the future prospects at our core projects at Wressle, West Newton, Keddington and Biscathorpe, the board of Union Jack believes the company remains on a material growth trajectory which augers well for the future of the company and its shareholders."
Union Jack said that £2.4mln of net revenue generated during 2022 has already comfortably exceeded the £1.8mln revenue for 2021. It noted that it is covered all operational and all contracted or planned CAPEX cost, and, is debt free.