Union Jack Oil PLC Wressle Update

TIDMUJO

RNS Number : 4285Q

Union Jack Oil PLC

18 October 2023

Union Jack Oil plc

("Union Jack" or the "Company")

Wressle Update - PEDL180/182

Union Jack Oil plc (AIM: UJO) a UK focused onshore hydrocarbon production, development and exploration company is pleased to announce that workover operations on the Wressle-1 well to install a downhole jet pump and recomplete the well have been successfully concluded. The workover rig has been demobilised from the Wressle site.

A new surface Triplex pump has been purchased and has been installed and connected. The final stages of the surface facilities upgrades are nearing completion. The re-instatement of production operations at Wressle-1 well is currently expected during the week commencing 23 October 2023.

Union Jack hold a 40% economic interest in PEDL180/182.

David Bramhill, Executive Chairman of Union Jack commented: "I am pleased with the operations being progressed at Wressle.

"The capital expenditure incurred in the completion of these works is comfortably funded from existing cash balances and will be offset against the Energy Profit Levy Tax at a rate of 129%.

"I look forward to updating the market once stabilised production has been achieved."

For further information, please contact:

 
 Union Jack Oil plc              info@unionjackoil.com 
  David Bramhill 
 SP Angel Corporate Finance 
  LLP 
  Nominated Adviser and Joint 
  Broker 
  Matthew Johnson 
  Richard Hail 
  Kasia Brzozowska               +44 (0)20 3470 0470 
 Shore Capital Stockbrokers 
  Limited 
  Joint Broker 
  Toby Gibbs 
  Iain Sexton                    +44 (0)20 7408 4090

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October 18, 2023 02:00 ET (06:00 GMT)

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