London, United Kingdom – Union Jack Oil, a London-listed energy company, has announced that it has generated more than $17 million in revenue from the Wressle hydrocarbon development project. The company holds a 40% stake in this significant onshore asset located in England. Since the restart of production in August 2021, Union Jack Oil has remained cash-flow positive, covering all costs and drilling activities for at least the next 12 months.
Impressively, cumulative production from the Wressle-1 well has reached 492,876 barrels of oil as of the end of July. Water production, which began later than forecasted, has been limited and accounts for an average of 3.7% of the total field production in July. Union Jack Oil has successfully handled this unexpected development.
Executive Chairman David Bramhill expressed his confidence in the future growth of Union Jack Oil, stating, “We continue to believe that when this important conventional onshore hydrocarbon-producing asset is fully appraised and developed, it will assist in funding our company’s future growth for many years to come.”
The Wressle hydrocarbon development project is a collaborative effort, with Union Jack Oil holding a 40% stake, Europa and Egdon both holding 30% each.
As of 0835 GMT, Union Jack Oil shares remained stable at 24.75 pence, while Europa’s shares saw a decrease of 9.3% at 1.23 pence and Egdon’s shares increased by 2.4% at 4.3 pence.
