Union Jack Oil’s Wressle Interest Generates $2 Mln in Revenue Since Restart

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by Kyle Morris

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Union Jack Oil plc said Tuesday that its interest in the development of Racial Hydrocarbons has generated $2 million in revenue since production began on August 19.

The onshore hydrocarbon production, development and exploration company said it is now cash-flow positive, covering all corporate, administrative and project operating costs.

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Executive Chairman David Bramhill said, “Union Jack’s revenue of over $2 million, during trial production, is highly positive for the company, which is in prime financial position, as the above figures show.” “We believe Wrestle has a long way to go which will be showcased in the near future and we look forward to reporting on progress in due course,” he added.

The company said that production is disrupted at the restricted choke.

Agden Resources plc owns a 30% stake in Rasel, along with Union Jack Oil 40% and Europa Oil & Gas (Holdings) plc 30%.

Write to Kyle Morris at [email protected]

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