Union Jack Oil PLC - Bath-based UK-focused oil and gas company - Reports it has made USD7.0 million in revenue from Wressle hydrocarbon development in North Lincolnshire from production since August 2021. This represents increase of USD2 million from USD5 million total revenue reported on April 25. "Current daily production figures continue to be an average constrained flow-rate of 750 barrels of oil per day, well in-excess of the forecast of 500 barrels of oil per day from the Ashover Grit reservoir," it says.
Egdon Resources PLC has a 30% interest in Wressle. Europa Oil & Gas Holdings PLC also has 30%, and Union Jack has 40%.
Expects to report a maiden profit for the half-year ending June 30, says Executive Chair David Bramhill. Firm says it is debt-free, with cash balance and short-term receivables at GBP8.4 million as of June 20, up from GBP7.1 million at April 22.
Current stock price: 28.70 pence, up 4.4% on Monday
12-month change: down 14%
By Tom Budszus; tombudszus@alliancenews.com
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Union Jack (UJO)
Europa Oil & Gas (EOG)