Europa Oil & Gas (Holdings) PLC (AIM:EOG) said it has repaid a £1mln loan from Union Jack Oil PLC (AIM:UJO), its partner at the Wressle field.
The company, in a statement, noted that the loan facility has been cancelled and the security held by Union Jack will now be released.
Earlier this month, Union Jack highlighted continued strong cash flow from the Wressle asset which remains highly productive, versus original estimates.
In early October, Union Jack told investors that its share of net revenue from the Wressle field has now passed the US$10mln milestone, since production restarted in August 2021.
The single-well field continues to produce under natural flow with zero water cut, meanwhile, site upgrade works are ongoing.
Europa O&G 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.