StockMarketWire.com - Oil company Union Jack Oil said it had generated $2 million in revenue from the Wressle project in North Lincolnshire since the recommencement of production last August.

'For the first time Union Jack is now cash flow positive covering all corporate, administrative and project operating costs,' the company said.

As at 11 January, it had cash balances of £6,27 million and receivables of £1.57 million.

Union Jack Oil said the well at Wressle was producing under natural flow, though production remained constrained on a restricted choke and staged site upgrades were ongoing.


Story provided by StockMarketWire.com