Last checked at 18 Oct 2023 07:00
18 October 2023
Union Jack Oil plc
("Union Jack" or the "Company")
Wressle Update - PEDL180/182
Union Jack Oil plc (AIM: UJO) a UK focused onshore hydrocarbon production, development and exploration company is pleased to announce that workover operations on the Wressle-1 well to install a downhole jet pump and recomplete the well have been successfully concluded. The workover rig has been demobilised from the Wressle site.
A new surface Triplex pump has been purchased and has been installed and connected. The final stages of the surface facilities upgrades are nearing completion. The re-instatement of production operations at Wressle-1 well is currently expected during the week commencing 23 October 2023.
Union Jack hold a 40% economic interest in PEDL180/182.
David Bramhill, Executive Chairman of Union Jack commented: "I am pleased with the operations being progressed at Wressle.
"The capital expenditure incurred in the completion of these works is comfortably funded from existing cash balances and will be offset against the Energy Profit Levy Tax at a rate of 129%.
"I look forward to updating the market once stabilised production has been achieved."
For further information, please contact:
Union Jack Oil plc David Bramhill
| info@unionjackoil.com |
SP Angel Corporate Finance LLP Nominated Adviser and Joint Broker Matthew Johnson Richard Hail Kasia Brzozowska
| +44 (0)20 3470 0470 |
Shore Capital Stockbrokers Limited Joint Broker Toby Gibbs Iain Sexton | +44 (0)20 7408 4090 |