Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Hi Pboo, Yes that is how I saw things at that time. The reason I saw it that way was because UJO were looking at doing a placing to include the purchase of Royalty interests with brand new placing monies. Infantile as I said at the time. I also basically said that if they wait for the cash to keep rolling in they could go and have a good old spend up at that point. If there is no drilling and so on to do and monies were just sitting in the Bank then fine there are always going to be some superb opportunities at the right time. How ever to dilute the crap out of the share holders to buy Royalties was not on. I am so glad that UJO reduced the amount of that placing, and indeed withdrew from the purchase of further royalty interests at that time. I am a share holder friendly person and believe the share holders deserve a return on the companies success.
Great to see the BOD back on point.
Hi Pboo, Yes I do believe it is a screaming buy. I am very positive about UJO making a sustained share price recovery from this very over sold point in time. I know it won't suit all especially those that thought it may have gone lower or simply given up the ghost and sold there shares to some body else that will now benefit massively from their exit.
We make our own choices. So many factors (to many to list) have conspired to create what is now a marvellous compelling buying opportunity.
Not even using a pump to achieve this. Credit where credit is due, Stonking.
27 October 2021
Union Jack Oil plc
("Union Jack" or the "Company")
Wressle Update and US$1,000,000 Net Revenues Landmark Reached
Union Jack Oil plc (AIM: UJO) a UK focused onshore hydrocarbon production, development and exploration company, is pleased to offer an update in respect of ongoing operations and landmark net revenues at the Wressle hydrocarbon development ("Wressle"), located within licences PEDL180 and PEDL182 in North Lincolnshire, on the western margin of the Humber Basin.
Union Jack holds a 40% economic interest in this development.
Highlights
· Landmark US$1,000,000 net revenues generated to Union Jack since re-commencement of production on 19 August 2021
· Current daily production figures well in-excess of prognosed 500 barrels of oil per day from the Ashover Grit reservoir
· Elevated production rates maintained during well test on significantly restricted choke setting and sustained high flowing wellhead pressure
· Well is producing under natural flow
· Clean up continuing and full potential yet to be achieved
· Zero water cut
· Staged site upgrades have commenced
· Wressle production highly profitable at current oil prices
· Further development and production at Wressle can be achieved from the Wingfield Flags and *****tone Flags formations
· Gaffney Cline Competent Person's Report commissioned by Union Jack ongoing
Executive Chairman of Union Jack, David Bramhill, commented: "The net revenues exceeding US$1,000,000 within a relatively short timeframe is financially transformational for Union Jack.
"Our acquisition of further interests in Wressle over the last couple of years from just 8.33% to being the major equity holder with 40% is now showing material results and gives us increased confidence that the Company is set to deliver on its aim to become a self-sustainable entity in due course.
"Union Jack has four cash generating projects within its balanced portfolio and revenues for year end 2021 are guaranteed to eclipse those reported upon in 2020 and for the six months ended 30 June 2021.
"We believe that Wressle holds considerable further upside and we look forward to reporting on progress in due course."
Competent Person's Statement
In accordance with the "AIM Rules-Note for Mining and Oil and Gas Companies", the information contained within this announcement has been reviewed and signed off by Graham Bull, Non-Executive Director, who has over 46 years of international oil and gas industry experience. Graham Bull is a member of the Petroleum Exploration Society of Great Britain, the American Association of Petroleum Geologists and a Fellow of the Geological Society of London.
Yes it has. This is just silly territory now. Grab every thing you can while you can. This cannot last imo. If this does drop more, then yes I will be buying more such as I can.
I believe given the assets/income this should bounce up hard.
It all got totally out of hand. SCREAMING BUY. Not a ramp. Just an observation.
I am very much looking forward to the CPR for Wressle.
Could well be an abundance of oil over and above what was first anticipated. They haven't even opened the choke half way yet. We can bring getting on for 1000 bopd to surface and may well be more ;) on this restricted choke/equipment upgrade in hand.
With a good field development plan I have to wonder how many wells we will produce from.
Wressle could well turn out to be the Holy grail. Certainly set to reward the faithful.
Bonkers cheap, absolutely Bonkers !
33-1
I wish I had more funds to put in here. This gonna bounce like only an AIM stock can.
It really is a bargain. Criminally cheap. Just buy whatever you can realistically get your hands on I say. Feel very sorry for the sellers as this starts to ascend now.
A massive well done to all at UJO.
I cannot be any thing other than impressed by your achievements on this.
As a share holder I now look forward to the financial rewards that we made this high risk investment for.
What a period in life this has been. Well done all genuine holders. I will say, I wouldn't want to go through it again though.
Let the cpr be done and the reserves put onto the books.
Now let the re-rate begin !
50 bcf will do for a start. Throw in a quadrupling of the Gas price and it is like 200 bcf money wise.
Looking forward to a cpr on this W/N Gas and Wressle. Hope we are not diluted out of sp increase. Has always been the business model to do so. Can only hope the business model of beat the shareholders to it, doesn't get used again.
As a share holder I would love us to see a positive return on our investment. For all.
Not to shabby given the new Gas prices. I can dream.
Hi CaneToad, Well I would have to agree there. If West Newton wasn't fully licensed it would certainly explain why there was never any thing in the share price for the project other than it's cost's. One less burden for now. Perhaps the SP can move forward now that such uncertainty is out of the way. Over to Rathlin/RBD now.
On wards UJO oil can go now hopefully.
It's nearly the end off the week and another $100,000 U.S in the bank. Glad that's not $50,000 U.S ;)
I take great comfort that the delay caused by the Council with regard to Wressle, as it is now seeing the oil sold at more than twice the price it other wise would have been. Karma !
West newton decision noted. Oil/Gas price trend noted.
Wressle will make this company fortunately. Shame about West Newton given the time money and effort they allowed us to spend. Makes you wonder why they even granted a licence in the first instance. What was the point. Glad it is only a small % of our portfolio. UJO Still looking in pretty good shape imo.
A profitable company.
What a week that was. So pleased that UJO have a solid / viable / focused business model that will concentrate on the current assets. Very good to see directors buying in. The business model looks to have a solid root to success.
I can only see us making good solid progress from here.
Wont be to long before the BOD and the share holders will be able to have a good old spend up at this rate.
It is all a step at a time. But I firmly believe the good times are coming. For ALL of us.
Another week another $100,000 U.S ah !!!
All is well.