Union Jack Oil PLC (AIM:UJO)'s running revenue tally at the Wressle field has now reached US$11mln and the company told investors that there has been “another impressive performance” since its last production update.
The company, in a statement, said that it has now generated US$11mln from Wressle since the field’s restart in August 2021.
Wressle, a single-well field, continues to produce under natural flow with zero water cut, UJO added, and site upgrades are underway. A gas monetisation plan is in place for the Ashover Grit and Penistone Flags reservoirs.
UJO highlighted that amid its Wressle cash-flows it is covered for all its planned capex anticipated in programmes for 2023 and 2024. As of 11 November, the company had £10.8mln of cash, short-term receivables and liquid investments. It is debt free and it recently announced its maiden dividend (0.8p per share) and a share buy-back programme.
"Your company has achieved a number of significant milestones during 2022, which include a strengthened balance sheet, cash generation, profitability, and an upgraded reserve and resource base,” executive chair David Bramhill said in the investor update.
"We have high expectations that this strong performance will continue for the foreseeable future."
Union Jack owns a 40% interest in Wressle alongside partners Europa Oil & Gas and Egdon Resources, which each hold 30%.