Union Jack Oil PLC (AIM:UJO) revealed net sales from the Wressle hydrocarbon development, located in North Lincolnshire on the western margin of the Humber Basin, has reached US$7mln since re-commencement of production on 19 August 2021.
The UK-based onshore hydrocarbon producer, developer and explorer holds a 40% economic interest in the development.
It added current daily production figures continue to average constrained flow rate of 750 barrels of oil per day (bopd), well in excess of the 500 bopd from the Ashover Grit reservoir.
The company said it continues to be cash flow positive and had cash balances and short-term receivables in excess of £8.4mln on Monday, 20 June. It is also debt free.
Union Jack expects to report a maiden profit in the upcoming half-year results ending 30 June 2022.
"The ongoing excellent operational and financial performance at Wressle continues to bolster the company's cash position, balance sheet and income statement,” David Bramhill, executive chairman, commented.