Union Jack Oil PLC (AIM:UJO) told investors that net revenue from the Wressle field has now passed the US$10mln milestone, since production restarted in August 2021.
The company, in a statement, highlighted that its 40% owned single-well field continues to produce under natural flow with zero water cut, meanwhile, site upgrade works are ongoing.
It added that it continues to be cash flow positive covering all general admin, OPEX, contracted and/or planned CAPEX costs including any drilling activities for at least the next 12 months. Its cash balance and short-term receivables stood at just over £10mln (at 3 October).
“The revenues of in excess of US$10,000,000 from the Wressle development continue to bolster the company's balance sheet,” said executive chair David Bramhill.
"Since the last production update, another impressive production performance from the Wressle-1 well has been recorded, this encouraging performance continues and the outlook remains positive.”