Proactive Investors - Union Jack Oil PLC (LON:UJO) has said production from the onshore UK Wressle field in Lincolnshire continues to be stable at 780 barrels per day, produced by natural flow with no water cut.
In total, the oil group has now generated a net US$16mln in revenue from the field, which is on the western margin of the Humber Basin within licences PEDL180 and PEDL182.
Union Jack, which holds a 40% economic interest, added that the cash generated from Wressle (and Keddington) will cover all of its overheads, operating expenses and planned drilling for at least the next twelve months.
Net cash and investments total more than £11.5mln currently, it noted, with a buyback programme underway that has already acquired 4.6% of the shares in issue.
In a statement, David Bramhill, Union Jack executive chairman, commented: "Revenues from Wressle continue to bolster the company's balance sheet, complemented by cash flow from the Keddington Oilfield (UJO 55% interest), where planning is in place and a side-track well is planned to be drilled.
"Since the last production update of 10 May 2023, another consistent and impressive performance from the Wressle-1 well has been recorded.
"The company looks forward to the revised Wressle Competent Person`s Report, implementation of multiple work programmes and the drilling of wells on its project interests, all of which will be fully funded from existing cash balances and investments."