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Union Jack Oil PLC - Bath, England-based oil and gas company with operations across the UK - Achieves net revenue generation of $4 million from the Wressle hydrocarbon development, located within licences PEDL180 and PEDL182 in North Lincolnshire.
Union Jack currently holds a 40% economic interest in Wressle.
‘The revenues from the Wressle development have created a sea change in the financial robustness of Union Jack, as the figures above illustrate. We are still in the early stages of the process of unlocking the significant upside potential at Wressle which is continuously improving as the site upgrades take effect, the future monetisation of the natural gas at the Ashover Grit reservoir and the substantial upside potential offered by the Contingent Resource present in the Penistone Flags reservoir that remains untapped,’ says Executive Chair David Bramhill.
Current stock price: 27.11 pence
12-month change: down 21%
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