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Personally I believe many of those who shout the loudest probably don't know the difference between perforating a well and fraccing it but there you are. Wytch Farm would never been drilled now. Even now few locals know or even care that there is/has been extended reach drilling under some very expensive real estate into Poole Bay as well as a pipeline across environmental protected areas to Fawley terminal. Same thing in the middle of Moray Firth where a three oil platforms were installed in the 1980s till the oil ran out. This was in an environmentally protected area. As has been said getting licences and planning permission is (rightly) very time consuming but we've arrived which is more than can be said for Horse Hill and Broad Bridge, it must be an uphill struggle trying to convince the locals that the industry is safe. I knew a driller who worked on a landrig in the New Forest and he said it was a nightmare trying to get anything done and teams of people came out almost daily to check them out.
He did say that 7 mins into the interview with inactive which was referred to. He said "hundreds of wells."
Anyway, that was then and there. This is here and now.
This is the Union Jack Oil board and that is all I am interested in.
I do not see this as luck but lots of work that has gone in here by all the partners to pick very good assets in strategic locations. The management have done an excellent job too financially in securing the placing and of late negotiating higher percentages in the assets that we own.
Night hawk and fracking is nothing to do with my investment here.
ah flash backs you're giving me Spike. I need to go back over the projects to be honest as it seems a long time ago and indeed I do remeber Jolly. You could be right on the fracking as I didnt pay as much attention back then as I do now. Yes lessons learned for me to. DB has done great, not only getting a foot in the door on 3 cracking projects but also acquiring a higher % in Wressle and Bisc. Just to note that West Newton was 2 years in the making. He has a great network and is trusted in the industry which is what I like. No doubt I'm sure himself and Sachin are lining up the ducks for West Newton.
Chat soon Mix... now back to West Newton ;-)
Jolly Ranch was Nighthawk's 'flagship' project which was unconventional and did require fracking.
There isn't much getting away from the fact Nighthawk was a ****show, but I don't think it has much read through here. The main talent of an AIM oil CEO should be deal making and talking up projects to raise capital and Bramhill has done really well here. I suspect the failure of Nighthawk and seeming success here, is more down to luck, than competence which is very much the nature of oil exploration.
Bramhill does seem to be in the right place at the right time - with Nighthawk he was fairly early in the unconventional stuff (even if ultimately the asset was a failure) and here he got into UK Onshore at the right time and focussed on conventional which offered good value as the hot money was chasing fracking.
lmao Mymine... I might still have an uncensored photo lying around. We should have more of that style of protest at the other sites, especially in winter lol ;-)
On a side note.. trying to top up today and order still not filled... killer
anyone remember the naked protesters making a right racket at a seminar? they stood in front of the ujo stall …. David calmly asked " why are you here?" they said "we are anti fracking protesters!" DB; "so why protest in-front of a company that's not into fracking?"
:-)
crazy half baked fools, at least find a company that fracks .
Hey Wiltshireman, lmao .. knock me down. That was a good find. Not sure if he was referring to NightHawk or Oil Quest which he was in previously. I do know what in NightHawk we used mainly Waterflooding which as an EOR, but isnt considered fracking as in Hydraluic Fracking. Others may think it is. Either way UJO arnt doing it.
We do have interests in 2 Shale licenses onshore that we got from our friends in Celtique but they are just for investment and if fracking took off again in the UK, I'm sure UJO would flip them. In May 2018 - we took a 16.25% interest in PEDL201 (“Widmerpool Gulf”)and a 12.5% interest in PEDL181(“Humber Basin”) for a cash consideration of £7,500
As per the RNS statement below on the Gov announcement on Fracking a while back, UJO has no intentions of ever pursuing that type of exploration.
http://unionjackoil.com/wp-content/uploads/2019/11/2019-11-04-UJO-Response-to-UK-Govt-Fracking-Moratorium-FINAL-CLEAN.pdf
Ah yes GreyPanther, I done ok in NightHawk but wasnt a Steve T fan at all. We got worked over and DB made the right call and learned from it. I do great in Wessex and would love to see that repeated here but that was a shot in the dark. This is way more calculated in terms of West Newton.
Right gotta go.. all the best Mix..
ps.. dam Wiltshireman.. got me there lmao ;-) all good.
From the RNS in case the link doesnt work --
Operations Unaffected Following Government Shale Gas Moratorium Union Jack Oil plc(AIM: UJO), a UK focused onshore conventional hydrocarbon production, development and exploration company,notes the announcement issued by the Department of Business, Energy and Industrial Strategy on behalf of the UK Government,on 2 November 2019,in respect of a shale gas moratorium.This statement will have no impact on Union Jack’s continuing and planned future production, development and exploration operations which are exclusively conventional.The Company has no intent to engage in hydraulic fracturing operations in England, neither now nor in the future.
Hi mixster. Thanks for putting the record straight on DB's (lack of) involvement in fraccing while at Nighthawk. I too was a NH investor and, unlike many, I made some money out of it. Anyway, I was pretty sure that was the case but I couldn't readily prove it. I wonder why it is, as soon as anyone mentions onshore oil, they almost automatically jump to the conclusion that fraccing must be involved. If it was said by a half-baked protester I could perhaps understand it, but you'd think that anyone with an investment here would know what going on, or not!
Mixster - my deletion seems to have reappeared its 1416 yesterday must admit its the first time I have had that happen putting a link on here.
Hi Mixster seven mins into the video channel I am not allowed to mention (it was deleted last time) entitled
I personally believe that Wressle set to be a 'game-changer' for Union Jack Oil in 2018, follow the clue and look it up. All the best
hi JamesParnips. Wiltshireman actually mentioned the same the other day and I asked about him. Let me try and shine the light on it as I was in NightHawk pre-ipo and held a solid position.
Bramhill may have said he has vast experience in Shale exploration but I doubt you heard him say he was in Fracking as I've never heard him say it let alone take part in it. He was in loads of shale plays in Nighthawk with Steve Tedesco from Running Foxes, who I've met once or twice.
Long story short, they did NOT do Fracking as in Hydraulic fracturing. Instead drill sites like Buchanan and Worden projects used EOR (Enhanced Oil Recovery), namely Waterflooding, which involved typically a "five spot" formation with 4 injection wells around a recovery well. This form of EOR has been around since the 1920's and accounts for around 50% of US crude oil production and allows companies to squeeze another 30% to 40% from a site. When oil prices dropped, its wasn't feasible to extract oil this way but as oil prices rose, then there was benefits in the approach. EOR is not considered a form of Fracking as it relies on the natural fractures already present in the formations like sandstones.
If someone can get me a sound bite of Bramhill saying he was a fracter, I'll shut my mouth but he was and is very experienced in Shale oil. After Night Hawk, he turned his focus and interest back to conventional onshore exploration, namely in the UK where he is more hands on and can monitor operations closely, while building relationships with the partners. Such is the case today with Egdon, Rathlin, Reabold etc.
hope this helps.. Mix
Reference on EOR: https://www.cleanwateraction.org/sites/default/files/docs/publications/EOR%20Risk%20and%20Oversight%20Factsheet_0.pdf
Nighthawk update - https://www.rigzone.com/news/oil_gas/a/66810/nighthawks_waterflood_projects_bearing_fruit_xenia_project_underway/
I never said it was. Someone said that Dave was never involved in fracking. He was. And I am up to the balls invested here and in RBD.
Don't be so touchy, Heid.
Pathetic James Parsnips.
Absolutely nothing to do with Union Jack Oil.
Bramhill, fracking, Nighthawk.
Can only quote what the man says, I have fracced 100s of wells in the US. This he said in an interview 2 years ago.
Fraccing has been going on for a long time as has horizontal driling in the US so its more than likely he wouldn't be going on record telling porkies, maybe exaggerating a little as do many others old timers particularly Texans.
Hey Wiltshire an.. Greetings.. For the record I ain't here to **** anyone off. You'll find my research very much on point. You'll find others base their opinions of mine. I'm happy to share.
But I don't suffer fools and remember those that tried to screw UJO Over. Happy to remind people that's all.
In terms of DB.. You sure he fracced hundreds of wells in the US and what company was that with. I just can't remember him ever Fracking..
Thanks Mix
Let's agree to disagree Spike. I know how it flowed. I'm convinced there's more potential there.
So up next West Newton Cellar..
CELLAR CONSTRUCTION
The purpose of the drilling cellar is to house
the wellhead, which is the interface between
the casing and the blow out preventers during
drilling operations or the production tree
during subsequent production. The drilling
cellar also provides containment of any
drilling fluids which may discharge from the
drill pipe when making connections.
The drilling cellar is constructed using
pre-cast concrete rings, which are bonded
together with Tokstrip sealant, A 200mm
concrete surround and concrete base ensures
the integrity of the drilling cellar. A leak-off
test is carried out using water to cenfirm the
cellar has fluid retaining integrity.
The HDPE impermeable membrane is
attached to the outside of the drilling cellar
using fixing battens to provide a tight seal
around it.
Once in place we are ready to rock on that one.. I'll give an update on Biscathorpe later but moving forward.. However Wressle takes priority in terms of cash flow.
All the best Mix
I,d ratb]]]]]]]]]
I'd rather listen to Dave, boots on the ground old-timer who's fracced hundreds of wells in the US , says you know nothing for sure so projecting figures and numbers is a fools game. Just wait for RNS and stop ****ging each other off from your desktops please.
"Dude seriously have you researched that asset at all. To call it depleting is a fools call. Read the RNS's. It's constrained at 500 boopd. It can do 1000 boopd. It did do 710 boopd equivalent. It has the Pennystone flags to complete an FDP."
Of course is depleting, its on oilfield - on 500bopd the 2P reserves last 4 years, although the production profile anyway shows the expected declines. The additional *****tone granted provides another 750k in resources.
In total at 500bopd, including the contigent the reserve life is approx 14 years - you don't get a PE of 10 to 1 on that.
Look at the evaluations both the brokers assign to Wressle - its bang inline with my valuation and nowhere near the valuation of £40million.
Wressle is great, nice little bit of cashflow to cover G&A and a bit leftover with a bit of upside opportunity, but UJO is not a £40million company based upon Wressle production.
Actually Mr Investment.. I apologise. I read a few more of your posts and they are to informed to be Gravey lol.. So honestly.. Apologies.
I'm all for debate and informed commentary as it makes me double check but I've no time for pumper and dumpers.
All good.. Take care.. Mix
Hey Spike.. You said..
"But you can't apply a P/E of 10 as its a depleting asset - at 200bopd, reserve life is just 4 years, even adding in resources its about 12 years. You don't get a P/E of 10 on a resource that only lasts 4 years certainly and 12 years definitely"
Dude seriously have you researched that asset at all. To call it depleting is a fools call. Read the RNS's. It's constrained at 500 boopd. It can do 1000 boopd. It did do 710 boopd equivalent. It has the Pennystone flags to complete an FDP.
We will drill more wells... So how can you call it depleting. Seriously dude.. Research this. Shard made the same mistake in their coverage initation.
Mr Investmen. You're not my numpty friend Gravey by any chance.. Mate of Chris oil that tried to screw UJO over and bagged the **** out of UJO. No offence meant but that dudes a numpty and no friend of UJO. Just asking.. ;-). You'll get no insights oh that numpty.. Just pump and dump
All the best Mix
That's what causes peaks and troughs in a share price.
It goes from being under valued, to being about right, to being over valued. Just buy at the right time, which is probably now.
gas ... dont think anyone has typed that today, so just thought i would
How do you get a few million profit each year?
At $60 oil price, Union Jack maybe makes a profit of $30 per barrel, which at 200bopd is $2.1million per year call it £1.8million pre tax - from that you have to deduct £1million for G&A, so profit is less than £1million, but lets call it £1million.
Apply a P/E of 10 and you get a valuation of £10million.
But you can't apply a P/E of 10 as its a depleting asset - at 200bopd, reserve life is just 4 years, even adding in resources its about 12 years. You don't get a P/E of 10 on a resource that only lasts 4 years certainly and 12 years definitely