Union Jack Oil plc (AIM: UJO), a UK focused onshore conventional hydrocarbon production, development and exploration company, notes recent market speculation and confirms that it is considering a potential equity fundraising to assist principally the funding of the proposed purchase of a further 25% interest in the Claymore Piper Complex Royalty Units as disclosed in the Interim Results released on Monday 13 September 2021, to upgrade certain producing assets to enhance cashflow and to progress the Company's other appraisal projects.
There is no certainty that the potential fundraising will proceed. A further announcement will be made in due course.
Canchat, thought you'd found the filter button on the 25th Aug as per your post below? Strange you've only just found it again.
"I have not posted over the years during which I have read this BB. MAKE YOUR DAY; FILTER the rubbish posters and keep the ones that have something intelligent to contribute. My BB is short, easy to read and I don't get angry. CHAT"
OK Persi, I don't really disagree with much of your comment there. While the Victory hedge caused a short term issue for us as some of the C holders unloaded, it may prove to have been a wise move.
Not sure about the cult bit, but not unusual for people to become attached to an investment they have made, even if it is going through a rough time. Of course I would have been better off selling at a loss at 0.5, 0.37 etc., but I didn't.
I expect you are correct insofar as most junior oilers will struggle to ever make a profit. I think RBD stand a good chance, hence I stay invested.
Like most, I'll log on quite frequently to see if there is any news or progress, and it's pretty concerning to see just where we the share price is sitting, especially when you look at the historical share price and the current price of oil/gas. There are probably many reasons, but what do people think is the underlying cause? If non of the below, then what? A. There really is no recoverable gas/oil at WN, Parta is a busted flush and Cali not great, wait for a few months & Victory will see us bump up a bit, recoup some losses and then its time to move on B. There is recoverable gas/oil at WN but the mistakes to date and lack of clarity from the BoD mean people have lost confidence and will only buy in when there is concrete evidence of recoverability on a commercial scale. Everything else is irrelevant C. We are subject to a concerted manipulation exercise that means people on the know will make vast profits once the inevitable good news is released and the share price leaps by multiples
Exploration, did you listen to the BBC Humber interview with the author of that report? Her argument was pretty much non-existent, 4 minutes of waffle & something about lorries. Expect the report is pretty much the same.
Fair enough NVG, thanks for taking the time to respond, guess we all have different conclusions about the games being played here. Much like you, I don't like being wrong, so I just hope the next few weeks gives us some very positive news & we can move quickly to a better place. Thanks, Deemule I just don't see any reasonable option but to grin & bear it given the real and considerable upside potential. Guess we'll know a lot more in the next few weeks, although been telling myself that for the past 18 months :-( Cheers Both
NVG, always thought you were pretty reasonable and measured although strident in your views. "agree, let's just leave it all to the paid rampers so that we can all get taken in with the BS and keep hemorrhaging our cash" I presume we are contractually committed to the next phase of testing now, so pulling the plug isn't an option. Like many I am well under water, so really not happy with the current sp or BoD performance. Having said that, the two interviews put out over the past couple of days have been pretty measured, informative and not tried to sugar the medicine too much. Also, as I stated earlier, S&S will not be making the technical calls, that will be Rathlin. Given our current situation, what would you realistically want to happen at this point? we could be 6 weeks away from excellent news. If that fails, then de-risking with Victory looks like a very sensible hedge. Not sure there are many/any other alternatives than to see this through to the bitter end.
cloves: "I reported that post Heid. Never reported one before, but it seems LSE like this type of vitriol on their bulletin boards. Nor really what they're designed for, I wouldn't have thought. Just an opportunity for bullies to bully without risking a punch in the mouth." Did the same myself earlier today for the first time ever. Just getting way too unpleasant here.