Union Jack Oil generates $1m of revenue since Wressle restart

Wed, 27th Oct 2021

Oil company Union Jack Oil said it generated $1 million of revenue since the re-commencement of production at the Wressle development in North Lincolnshire. Production had started back at Wressle on 19 August, with current daily output figures well in-excess of prognosed 500 barrels of oil per day from the Ashover Grit reservoir, the company said. It added that the well was producing under natural flow, with a clean up continuing and its full potential yet to be achieved. 'Union Jack has four cash generating projects within its balanced portfolio and revenues for year end 2021 are guaranteed to eclipse those reported upon in 2020 and for the six months ended 30 June 2021,' executive chairman David Bramhill said. 'We believe that Wressle holds considerable further upside and we look forward to reporting on progress in due course.' Story provided by StockMarketWire.com

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