Union Jack Oil PLC (AIM:UJO) said the Wressle operation onshore Lincolnshire has generated US$9mln in net revenue in the year since production recommenced.
It means the group, which has US$11.2mln (£9.46mln) in cash, will continue to be cash flow positive for the next 12 months while covering operating and capital expenditure as well as general and administrative costs.
Union Jack Oil, which has a 40% interest in Wressle, said it was continuing to see zero water from the operation. In an update, it said site upgrades were "ongoing".
"Since the last production update published during July 2022, another impressive production performance from the Wressle-1 well has been recorded and the trend remains positive,” said chairman David Bramhill.
Its half-yearly results, covering the six months to June 30, will be released in the middle of next month.