Union Jack Announces US$13,000,000 Net Revenues Landmark Reached at Wressle

Source: www.gulfoilandgas.com 2/6/2023, Location: Europe

Union Jack Oil plc a UK focused onshore hydrocarbon production, development and exploration company, is pleased to announce that material landmark net revenues of US$13,000,000 have been achieved from the Wressle hydrocarbon development ("Wressle"), located within licences PEDL180 and PEDL182 in North Lincolnshire on the western margin of the Humber Basin.

Union Jack holds a 40% economic interest in this development.

· Landmark US$13,000,000 revenues generated to Union Jack since re-commencement of production at Wressle on 19 August 2021
· Well producing at historically record rates, under natural flow with zero water cut
· Site upgrades including installation of microturbines and associated equipment ongoing
· Union Jack continues to be cash flow positive covering all G&A, OPEX and contracted or planned CAPEX costs, including any drilling activities for at least the next 12 months
· As of 3 February 2023, cash balances, short- term receivables and liquid investments stood at over £10,000,000
· Debt free

Executive Chairman of Union Jack, David Bramhill, commented: " Revenues from Wressle continue to bolster the Company's Balance Sheet.

"Since the last production update, another impressive production performance from the Wressle-1 well has been recorded and the trend as seen throughout 2022 and the start of 2023 remains positive.

"Cash balances are expanding significantly on a monthly basis, and we are funded for G&A, OPEX and contracted or planned CAPEX costs, including any drilling activities for at least the next 12 months ."

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