Great Summary 220 Jun 2019 09:25
https://tinyurl.com/y6qasafa
Some people wrote Biscathorpe off after what was perceived as a disappointing drill result earlier this year. However, 500ft of oil shows were encountered and Graham Bull said at the UK INVESTOR SHOW “we did not reach the bottom”. So, who knows the true depth of the oil column? Oh, and not forgetting they also encountered wet gas.
Work is still being carried out on this and the next few months should reveal the plan of action to get back down there!
Then we have Wressle! Oil discovered in three zones, tested at 700boe equivalent, with an expectation of gas too. The only thing in the way is what is becoming a very tiresome objection by the council, who have even gone against the advice of their own planning officer to allow the completion and production.
With a Queens Counsel now on board, it is as good as guaranteed that their foolishness will be taken to task and the planning consent approved. This will mean a rapid move to the initial production of 500bopd.
I have only skirted around what UJO have in their pot, but I can certainly see, as David Bramhill recently said, Union Jack Oil becoming a mid-tier company and in the not too distant future.
For anyone who doesn’t realise the full potential here, why not just listen to Graham Bull, the company’s very own geologist giving a presentation just a few months ago. What he says here will certainly whet your appetite https://youtu.be/tw9LVxXr0ew
I have always said research the management (after a few cock ups by not checking them out) because a large majority of AIM companies are there to fatten up the directors and deprive their shareholders of any value in the process. Even if the assets are there, bad management will always fail to create value. UJO are blessed with a Chairman who wants to see the company successful and shareholders rewarded. A Chairman that only raises money where there’s a need to develop a project and a Chairman who is extremely conservative when providing updates. No bull, no bravado and this is worth its weight in gold when investing in any AIM listed company.
I am pretty heavily invested here and it has been the first time for many years I feel my money is safe and will return 10 times/20 times its value, potentially more.
I'm not suggesting anyone invest here, I cannot do that. But if I were an investment adviser, I would be!
thanks to 50PFlute
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