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Union Jack Oil PLC on Monday said its revenue has increased dramatically over the course of the year as it continued to benefit from the recommencement of production at the Wressle oil field.
Revenue in the year to date stands at over £7.9 million, up from just £1.9 million in the 2021 financial year.
Union Jack Oil has achieved revenue of $11 million from the Wressle hydrocarbon development in North Lincolnshire since it reopened in August 2021. Union Jack holds a 40% economic interest in the oilfield.
Meanwhile, site upgrades are ongoing, and a gas monetisation plan is in place for both Ashover Grit and Penistone Flags reservoirs.
Looking ahead, Union Jack said it has high expectations that this "strong" performance will continue for the foreseeable future.
Executive Chair of Union Jack, David Bramhill, said: "Since the last production update, another impressive performance from the Wressle-1 well has been recorded and the trend, as seen throughout 2022 remains positive.
"Cash balances are expanding significantly on a monthly basis and we are funded for G&A, OPEX and contracted or planned CAPEX costs, including any drilling activities or work programme commitments, for 2023 and into 2024."
Bramhill said the company has achieved a number of milestones during 2022, including a strengthened balance sheet, cash generation, profitability, and an upgraded reserve and resource base.
Shares in Union Jack Oil were down 1.9% to 34.33 pence on Monday afternoon in London.
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