Union Jack Oil PLC (AIM:UJO) today cheered the passing of its latest revenue milestone, as the Wressle field has now generated more than US$6mln of net revenue for the company.
The 40% owned single-well UK oil field, in Lincolnshire, has been producing ahead of original expectations since production resumed in August 2021.
In a statement, Union Jack highlighted that the well continues to produce under natural flow with zero water cut and site upgrade operations are ongoing.
"Another period of stellar performance from the Wressle-1 development has been achieved,” said executive chair David Bramhill.
"Union Jack is now on a material growth trajectory which augers well for the future of the company and its shareholders."
As of May 23, the company said it has some £7.7mln of cash and short-term receivables, it is covered for all G&A, OPEX, and planned CAPEX, and remains debt free.