David Bramhill, Union Jack Oil PLC’s (LON:UJO) chief executive, says he is delighted with the update today from Egdon Resources, the operator of the Wressle field in Lincolnshire.
Production is scheduled to start in the second half of the year, with Egdon confirming that the field will be profitable at a price above US$17.62 per barrel.
Even at the current depressed oil price, Wressle will put UJO into the black he says.
“Wressle is a really good discovery and now it’s all systems go.”
UJO has no debt, Bramhill adds and is in a healthy financial position to weather the current oil and coronavirus disruption.