US$15m Net Revenues Landmark Reached at Wressle

10 May 2023

Union Jack Oil plc

("Union Jack" or the "Company")

US$15,000,000 Net Revenues Landmark Reached at Wressle

Union Jack Oil plc (AIM: UJO) a UK focused onshore hydrocarbon production, development and exploration company, is pleased to announce that material landmark net revenues, in excess of US$15,000,000 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.

Highlights

·    Landmark US$15,000,000 revenues generated to Union Jack since re-commencement of production at Wressle during August 2021

·    Well producing under natural flow with zero water cut

·    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 9 May 2023, cash balances, short- term receivables and liquid investments stood at over £10,500,000

·    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 consistent and impressive performance from the
Wressle-1 well has been recorded and the trend during 2023 remains positive with materially higher production rates than those seen on a like-for-like basis during the same time period in 2022."

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