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Well done David, what a decision to enter the US!
First well commercial and the second on the way 💪😀
Good job !
You should keep drilling loads of wells there now David.
So your already selling the oil....then make sure we get awarded a 0.8p dividend !!
My family will be happy with that result an you came in quicker with that RNS than 44% of my fellow voters thought out of 27 of us thought. Well done to the 56% who voted correctly.
More polls to follow in Heid's fun X account. The best stop for all Union Jack Oil.
Uncle Stephen should have drilled in the USA, Pboo.
Ruth Hayhurst has no say.
Mind you...what is this 'commercial' ? How profitable is it for the investors involved ?
Details....details...
Waiting for the well to clean up and stabilised flow rates to be published.
No rush. Its not going anywhere.
Most of the wells in that region do not produce that much oil. Certainly not what I would call 'major' ?!
Lets see what Mr Zac Phillips has to say this week.
He loves a bit of 'transparency'
Heid, you are so full of carp. Sour grapes ?
Anyone expecting a Gusher is delusional. However, it's a declared producer, and for now, that's good enough for me. As long as it brings in a profit, however small, it's a start in a new country.
GLA
Danno
Well done those who held. Although no flowrates yet. Heid traded out and got it wrong again. The bitterness oozes from each of her posts. I would stick to bonds as you are utterly useless when it comes to trading. If yr family had shares which they obviously don't they would be spitting bullets at ur posting, trashing their investment.
Clueless 🤡.
Bitter and twisted, I mention no names but wow, trying to trash an announcement like this is laughable.
Somebody not quite as demented as Heid would have left this bb long ago.
You can only trash good news for so long before you start looking a right fool. There are a few people heading faster than a bullet train to this destination. Over a dozen excellent RNSs this year already and with the event later this week to attract more US investors we could see shares becoming less available which means only one thing. 💪
I absolutely agree with you Christine .....'Over a dozen excellent RNSs this year already ' an still at 24p
8p below last year's AGM price.
Make sure you are strategic with that dividend award David as you have plenty of money to play with from the royalties an there will be NO Biscathorpe drill. Plus you have all that money you claim back in tax for Wressle.
If I was you David I would be announcing two decent dividends this year or you will make it difficult to attract new investment from the USA.
Lets see what traders make of the news today with no flow rates announced, just a profitable find.
Well done with today's RNS but to date it is you David that has done well an the board at £500,000 per year
Not trashing just very honest.
You have no concept of what the word honest means you troll.
If people are obsessed with an income from dividend - buy a quarterly dividend payer, there are plenty out there - Shell, BP or ENOG for example. But don't bleat on about a penny share not paying out when share price growth is as important to many who have bought UJO.
If you know who's much quoted family have entrusted their money to her - then either they are also half-wits or need at least to recognise one.
Share price dropping
A win for the traders
At least with a dividend we get some of the crumbs.
Gruyere - given the share prices poor performance, how else is a shareholder going to realise value.
You're almost saying "Stop moaning about not getting a return on your investment". I mean....what else are we here for?
Anyway - fantastic news on this well, and the foray into the US has borne some fruit for the company and its directors. Lets hope a viable plan for the shareholders is in place. Feels to me, a sell, is the only option for a meaningful gain.
I wonder what a fair price acquisition would be per share. My view is 60p
Jabez - it was saying stop moaning - but to one individual who doesn't seem to understand that share prices move in both directions, that there are no 'certs' or that dividends are only one way a company deploys its money. Yes, we are here to get a return on our investment and that can be through capital growth or by dividend or by both - but always by exercising our own judgement when to buy, hold or sell and move on. If someone is so disgruntled as to write 300 posts a month - every month - on this board alone, all with essentially the same message - then all I can say is do yourself and everybody else a favour and move on or get help.
On the brighter side I agree with you 100%, it IS a great RNS. Oil has already been sold, infrastructure to monetise gas and planning begun for a second well prompted by the results from this one. I have bought, held and bought yet more. I will sell, when I think its the right time and that may not be at the top having no crystal ball.
However, acquisition I feel is a bit of wishful thinking.....but as already admitted, no crystal ball.
Good luck.
Totally agree Gruyere.
Just for me, i don't get the positivity towards the good things the company is doing. That's not to say negativity is the right way. But for me, its just a shrugged indifference. The company could discover the secret to eternal life, but if there is no viable return to me...…who cares. So in that sense, i think its fair and right that the board feel pressured from disgruntled shareholders at the lack of return over the periods of time we are talking. I mean, if youve been here 6 month, you have nothing to be moaning about. But 6 years, and you havent seen a meaningful penny.......the board should be feeling some pressure? no? As you can say, we all have the choice to pull out and sell at any time of our choosing. But for me, i do see a return, its just i dont want to be at retirement age when i do!
malcy’s blog
to say that this is excellent news is an understatement, with andrews 1-17 now a commercial discovery ujo have the makings of a great base in the us with a top quality partner. obviously testing continues but the rocks look good with plenty of upside and oil at 41 degrees api is what dreams are made of and sales are already underway.
the next moves are construction of production facilities which is already happening and the associated gas will be monetised by adding further facilities. whilst that is going on the follow up well andrews-2 is being planned with the intention of drilling as soon as possible with no reason at all why it won’t be another success.
i don’t think the market has any real idea of what david bramhill and team are on to across the board at ujo. obviously wressle carries a big weight in the valuation but in my view there is nothing in there for the *****tone flats or the ashington grit formation and there is also west newton to bear in mind on the upside.
the move to the usa though is without doubt the piece de resistance, investing this amount in the uk would take years to come to fruition and a return might be small and decimated by fiscal greed. in the usa, returns are as we have already witnessed can be swift and substantial, state interference is minimal and profits are encouraged.
the strategic initiatives that ujo have commenced are already bearing fruit a matter of weeks since first drilling, whilst i am not running ahead of myself, these us investments can confidently be assured of a very decent, speedy return, enabling activity elsewhere in the portfolio and a handy source of income to support distribution to shareholders.
https://www.malcysblog.com/2024/05/oil-price-ujo-ceg-coro-eog-and-finally/
Can't of been that fantastic or the price would have risen ?
Jabez, The current positivity - at least from me - is simply that they have drilled a well, they say it has oil and that it is being recovered to the surface. By my book that is better than the alternative outcome.
Of course none of us knows the flow rate - but unless they telling outright lies - it is commercial. Many small oil companies never get that lucky and disappear along with your investment.
Getting a return also depends on where in the cycle you invest and importantly get out - for instance I posted on here when I added just before the spud and again just after at a price of 14.8p - those have produced a return of 70%. And no I am NOT a gifted investor I freely admit is was a punt - and yes my buys before then are still in the red so you wins some and you loses some. My point was that continually whinging does not make the drill bit connect with oil nor does it influence the board.
I appreciate your view is a personal one and you would like a return sooner than later - and I do sincerely hope that we both get one.
When you were all talking about the RNS this morning, I couldn't see it on here. There is time yet for the SP to react.
The Andrews 1-17 well has been declared a "commercial discovery". "The installation of permanent production facilities has commenced". " Site facilities are also being installed to allow gas production to be monetised".
Testing of the Andrews 1-17 well is ongoing and further announcements will be made in the coming weeks after the well has cleaned-up and oil and gas production rates are optimised, following the installation of permanent production facilities. This is normal for a well, working out slowly how much it can produce, at the best flow rate. A well can be a gusher at the start and quickly drop off but it's already been stated, this well is commercial and a second well is planned. It just takes a bit of time so, a few weeks patience is required. I expect the SP will respond nicely.