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Union Jack Oil PLC - Bath-based UK-focused oil and gas company - Reports it has made $7.0 million in revenue from Wressle hydrocarbon development in North Lincolnshire from production since August 2021. This represents increase of $2 million from $5 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 £8.4 million as of June 20, up from £7.1 million at April 22.
Current stock price: 28.70 pence, up 4.4% on Monday
12-month change: down 14%
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