“We believe that Wressle holds considerable further upside which will be demonstrated over the foreseeable future,” said chairman David Bramhill
It is cash flow positive for the first time – after covering all corporate, administrative and project operating costs, the company told investors and has £6.27mln in cash and debt free.
Union Jack holds a 40% interest in Wressle which resumed production in August. Production is continuing under natural flow, on a restricted choke.
“The revenues of in-excess of US$2,000,000 to Union Jack, whilst under test production, are highly positive for the company which remains in prime financial health as the above figures illustrate,” said David Bramhill, Union Jack executive chairman.
“We believe that Wressle holds considerable further upside which will be demonstrated over the foreseeable future and we look forward to reporting on progress in due course.
Bramhill added: “As well as Wressle, the company has three other cash-generating projects and under current oil prices, for the first time is now cashflow positive and covering all of its outgoings, including corporate, administrative and project operating costs.”
Read More: Union Jack Oil Plc passes US$2mln revenue marker at Wressle field