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Hi...I just wished to say thanks for giving a clear indication when Wressle could start pumping ...I very briefly put some investment money into Rockhopper but very quickly took my money back out again when I realized the project was prone to constant delays with no end in sight for the investors or little news to say what was going on ...I think that project in the Falklands was start somewhere around 2011 or 12 and it still does not have any finishing date ...I feel more confident with U J O that they may deliver the goods and possibly on time ( which can be quite unusual in this country when it comes to any type of project on a large scale ).!!!!!
GP,
At WN A they will soon be starting the extended well test, the cost to UJO, lets say for arguments sake is 500k or a 6th of the (guesstimated £3m ongoing costs.)
WN B-1 is a new drill, lets say for arguments sake UJO's share is £1m or circa a 6th of the £6m costs for drilling and testing. The costs to RBD on these assumptions is £4.5m or 3 X UJO's outlay, UJO have over £5m in cash, their costs for an extended well test , new drill and testing at WN B-1 is circa £1.5m, therefore imo its not a money issue for either company as RBD have over £5m in the kitty with access to a further £5m if req.
Hi isdeer. I think you may be under-estimating the cost of a West Newton well at £3 million as that might just cover the drilling costs. Fully tested and completed it's likely to be significantly more, and it might be about £7 million gross. So UJO's 16.665% share of a B-2 well would be about or slightly more than £1 million. That's only my opinion, of course
It’s circa £3m a drill for WN, UJO are paying only c16% of this. What’s the issue with their funding as they have over £5m in the bank. You really need to look elsewhere.
This buying then selling and deramping then buying then selling etc cycle will catch you out.
Hi Jack,
I'm a LTH, and very positive about this share. I do like that you have a contrarian view to most and I believe that your warnings are accurate to a point. But where I may disagree slightly is that within a year one of the assets that they hold will be producing and therefore allow for current finances to be sufficient for them to follow through with their other assets. At worst, they will be generating enough cash to open up other means of funding rather than continued placing and dilution.
But I think that it is important to have a well researched counter point to some others that may be over excited and don't point out some of the risks that are attached to this share.
Michael
gosh he’s getting desperate now is our rough diamond.
Cash in bank + debt is in a far better position for the next 12 months than probably most other businesses right now. Oh... I nearly forgot .. no debt is there. Good times!
Hide
Far from it. What part of ......
“Our portfolio has grown from strength to strength, fully funded and Cash in the bank..”
Do you not understand? The statement is totally misleading. UJO are NOT fully funded with cash in the bank. Let’s be absolutely clear on this point.
The cash in the bank will struggle to fund the next 12 months work program and if Wressle does not come on line in Oct UJO will have a funding crisis.
I find it bizarre that an advocate of UJO like yourself is not questioning the large pink elephant in the room.
Choose to ignore at your peril.
It’s obvious to me that punters on here don’t have the capacity to articulate any perceived shortcomings in the UJO strategy. Even an acknowledgement would be a good start.
I’m looking forward to the next few months here....as it looks like easy money taking candy from kids.
Jack
Ignore you more like .
Proper agenda you have JackDiamonds.
Why would we be worrying about a year's time ?
Focus on the facts yourself. You are just one big **** -st1rrer .
What you going to bring up next ? Think hard because at the moment you are very transparent.
Mixster
Some good posts today.
Regarding your 07:19
“Our portfolio has grown from strength to strength, fully funded and Cash in the bank..”
I think you mean the current cash balance supports the 12 month work program for WN, Wressle et al. Any deviation from the plan would require more cash, especially if Wressle does not deliver in Oct as planned.
Ignore the noise and focus on facts.
Jack
Note Lenin.. I've answered your specific question on West Newton and the spike. You also need to have a look at Wressle which has planning in place to move to production in Oct producing 500 boopd constrained.. but capable oh 710 to 1000we also bought more Wressle and have a large holding which makes us more than profitable.
We hit bad news on Biscathorpe where we missed the mark on a drill due to alluvium deposits skewing the 3d sesimic. UJO got the samples retested and it still remains one of the UK’s largest onshore un-appraised conventional hydrocarbon licences. We also increased our percentage
Our portfolio has grown from strength to strength, fully funded and Cash in the bank..
https://www.share-talk.com/union-jack-oil-plc-ujo-l-further-interest-acquired-in-pedl-253-biscathorpe/#gs.au4c5j
Gla Mix
Well welcome Lenin.
In short, coming up to August we drilled what is potentially one of the biggest O&G finds in 40 years and it's onshore. We where expecting a good result but the problem was we got a brilliant result in that we found a 45m oil column in the Kirkham Abbey.. where we expected gas. To that effect we had to suspend EWT until we got approvals for a new EWT test to cover the oil. We did find more gas than expected and you can see that if you google volumetics
This is a quick an accurate read.
https://www.proactiveinvestors.co.uk/companies/news/901699/union-jack-oils-west-newton-now-seen-as-significant-oil-and-gas-discovery-901699.html
That being the case.. Some PI's sold and the price drifted downward until about 6 weeks ago when we started gaining traction and moving from 0.10p
The difference this time is Rathlin know what's in WN A2. We are trying to prove the extends in WN B which is in progress and will run in parallel as WN A2 EWT test. If WN B1 comes in.. Bingo.
We will continue to rise with the speculation that the extents are proven in which case we'll flip to a major..
Hope this helps.. Mix.. and jazuz do some research before investing lol ;-)
Ps check out Lee Bartholomew drop box. Loads of free research and a few snippets from moi
https://twitter.com/leedbartz/status/1248695810331742208?s=19
What we are trying to tap into.. Southern North Sea gas basin...
https://twitter.com/MightyBelle68/status/1280510317630554121?s=19
I have just purchased some shares with UJO.. after being through the mental grinder watching my hard earned cash taking a rough ride with various companies from B P to Tullow to Premier over a brief period of time recently but fortunately my losses are very minimal ....I Know very little about the company and have only just discovered where Wressle is on a map ...The news on the company from what I understand seems promising going forward ....what I wish to know after studying the share price history is from April 19 to August 19 there seem to be a spike in the share price to 0.3 pence before being quickly blown away again ...Is this just to do with the speculation or was there some sudden good / or bad news that hit the company at the time ...I know nobody has a Crystal Ball on shares but does anyone on this site who knows the company well think this climb/crash scenario could happen again in the near future or the shares purchased with UJO are a good longer term investment ??? Any info on this short period of history relating to the share Spike /drop would be kindly appreciated .....