LONDON (ShareCast) - (Sharecast News) - Hydrocarbon exploration and development group Union Jack Oil has achieved material landmark net revenues of $5.0m from the Wressle hydrocarbon development project, located within licences PEDL180 and PEDL182 in North Lincolnshire.
Union Jack, which holds a 40% economic interest in the producing hydrocarbon development, said the revenues had all been generated since the re-commencement of production at the site in August 2021.

The AIM-listed firm added that the well continued to produce under natural flow with zero water cut.

Chairman David Bramhill said: "We are still in the early stages of the process of unlocking the significant upside potential at Wressle with the future monetisation of the natural gas at the Ashover Grit reservoir plus the substantial future revenue opportunity offered by the contingent resource present in the Penistone flags reservoir that remains untapped.

"Given the future prospects at our core projects at Wressle, West Newton, Keddington, and Biscathorpe, the Board of Union Jack believes the Company remains on a material growth trajectory which augers well for the future of the company and its shareholders."

As of 1105 BST, Union Jack shares were up 1.16% at 28.58p.

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