Member Info for reaction

RNS Number : 3720M
Union Jack Oil PLC
21 September 2021

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.





21 September 2021



Union Jack Oil plc

("Union Jack" or the "Company")

Wressle Update PEDL180 and PEDL182



Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon production, development and exploration company is pleased to offer a highly encouraging update in respect of ongoing operations 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

· Instantaneous flow rates from the Ashover Grit reservoir of 884 barrels of oil per day ("bopd") achieved on a significantly restricted choke setting (30.5/64ths of an inch) with high wellhead flowing pressure

· 480,000 cubic feet of gas produced per day (circa 80 barrels of oil equivalent per day)

· In excess of 950 barrels of oil equivalent per day achieved

· Full flow potential of Wressle remains to be fully tested

· Zero water cut

· Revision to the Environmental Permit received, enabling the installation of a combustion plant to facilitate gas to electric generation

· Leading energy consultancy, Gaffney Cline & Associates ("GaffneyCline") commissioned by Union Jack to prepare an updated Competent Persons Report

· Since being returned to production on 19 August 2021, Wressle has generated in excess of US$480,000 net in revenues to Union Jack

Wressle has continued to exceed production expectations since the successful completion of the coiled tubing operations on the 19 August 2021, instantaneous flow rates in excess of 884 barrels of oil per day ("bopd") along with 480,000 cubic feet of gas (c. 80 barrels of oil equivalent per day) have been achieved from the Ashover Grit reservoir on a significantly restricted choke setting (30.5/64ths) with high wellhead flowing pressure. Zero formation water has been seen as the well continues to clean up.



Excellent flow rates are currently being recorded, however, the full flow potential of the well remains to be fully tested due to constraints being experienced due to the scope of the gas handling equipment currently being used on site.



The forward plan is to upgrade the gas handling equipment to enable increased production volume and complete the testing of the well's full potential before defining a plateau production rate, matching the well behaviour to the permanent facilities, long term operational objectives and prudent reservoir management.



GaffneyCline



GafffneyCline is an internationa

Heads firmly buried in the sand. DB has defaulted to the ostrich manoeuvre. Coward ! ! !

This is how we are rewarded for are patients. Absolute destruction of the share price. Blood bath with Wressle monies coming in.
SHAMEFUL ! SPITEFUL !
Way past time for DB to go.
A complete incompetent buffoon.
With what can only be described as an infantile business model.
Raise fresh monies via a placing to invest into royalties ridiculous. You buy royalties from monies sitting in the company bank account that needs a return. Not destroy share holder value by dilution to do it. The loss of market cap will always be more than any royalty payments that might be received.
I say again INFANTILE !

Let us hope a large part of it has been forward sold. A short squeeze could see us a lot closer to 40p than to days price.
Well Dave B, us the (share holders) or them. They say the proof of the pudding is in the eating. This is your opportunity to show where your loyalties/royalties really lie. The brokers won't be happy. Come to think off it neither will a lot of other people.
I will love you for ever if you do pull the rug from under them. god I would love to see that happen. Roll on tomorrow morning. The ball is in your court. There are winners and looser's in life. So who's it to be the share holders or the crooks.
Your call.

Dave, Why not show us the commitment and respect that you demand from us.
We have been moor than patient, and are 100% entitled to feel angry at your latest proposal of effectively raising Brand new monies, (Not monies to hand left over from multiple placings or production that needs a home beyond the companies bank account). I might just as well ask the share holders here to to buy stock in my brand new investment co. I will put the money on deposit so to speak, take a wage and they can have whats left. What do you reckon.
The way you are doing this neither I or any body else can ever arrive at destination "profit". Because you are using a business model that when a return should finally be available to us share holders you snaffle away any benefit via dilution.
If you go ahead with this I feel it is more for general running cost, not because you just want to put a load more money on deposit at this most inopportune time and certainly an inappropriate snatch of value from share holders via a placing to do so .
I know this isn't written very well. But you get my meaning.

For gods sake let us share holders have a very very long overdue return. I don't want you to put any of my money on deposit via a royalty I can do that myself.
If you do this raise it can mean only one thing as far as I am concerned. That is that WN/ Wressle are in deep trouble behind the scenes. Looking to spend brand new fresh placing monies on royalty interests ridiculous.
O.K so you hate the share holders , I get it. But do you know what, This is our company too !
We would also like to be paid just like you do, Yes !
"AND GUESS WHO IT IS THAT IS PAYING YOU."

After all the years supporting UJO . When we finally won the court case Re: Wressle I thought just a little more patients and the share holders will finally get their reward. Well we just did straight between the legs. We are never going to see any thing are we. Doesn't matter how hard we try to maintain our positions to help protect our investment. Or how much we believe in the fundamentals. There really is nothing for us here.
I don't believe in UJO or it's directors anymore.
There never is going to be a pay day for share holders. Tomorrow is never allowed to come. Shameful ! Spiteful !

Re: Should also be noted the trade would be at a profit to the seller.

MM prepared to take what I and realistically many others would consider a large amount of stock in a single trade.
Above the bid. Interesting.

Fantastic news this week with regard to the ongoing $100,000 income from Wressle oil sales per week.

Fantastic news this week with regard to the ongoing $100,000 income from Wressle oil sales.
Would be great to get some news out of West Newton, especially with regard to "ANY" amount of Gas they may be able to provide.
https://www.msn.com/en-gb/money/technology/another-uk-energy-supplier-goes-bust-%e2%80%93-but-where-does-that-leave-you/ar-AAOt2Y1?ocid=mailsignout&li=AAnZ9Ug

"Given these encouraging initial test results at Wressle, Union Jack management is of the opinion that, if Wressle is only half as good as we anticipate, then we will be hearing much more about this development for many years to come.

Have to agree there LuxP. As posters have quite rightly commented the Gold and Copper cannot be undiscovered.
Paddy says to sit on our hands. Quite right imo, as we will either be taken out in part or full. Or in the alternative go to production and first pour. In the meantime there are parties that are going to try and harvest as much of the stock as they can squeeze from share holders hands ready for the inevitable multi bags from the current sp.
Absolutely no need to be worrying about day to day share price movement on this one if you are an investor/LTH.
Absolute luxury position to be in. We know it's coming for sure. Just have to make sure we have our positions in advance of a massive re-rate.
We remain open all around and at depth. The (currently) main asset just keeps getting bigger and bigger.
The sp will inevitably follow.
NCM are pulling out all the stops on this one. I feel so fortunate to be part of this.
If there ever has been such a thing as a no brainer, then GGP surly must be the most intelligent investment a person could make imo.

Yes UKOG sure seems to be the share of the future. Their operations are motoring ahead in distant lands in the midst of a pandemic. Here we sit in the U.K with over half the population vaccinated and still have to wait and wait.
Hope we are all still around to see UJO make it. This time next year. Or there about's.

This is from last years interim results from EOG. Shows the sort of info to expect from their interim results. I hope this years will shows monies received from sale of oil at Wressle as this would be material. Although only EWT monies that must never be confused with on production flow rates. I am hoping they will have to inform their share holders of any monies received. The actual flow rates / production that has been achieved to date will come from the operator of course. But any electronic Bank transfers / money in I feel should be reported. Always hoping for bits of info.
Operational highlights

Onshore UK

Wressle Development granted planning consent on appeal 90bopd produced from Europa’s three producing UK onshore fields during H1 – matches H1 2019 and FY 2019 performance Net production on course to more than double to over 200bopd when the Wressle oil field comes on stream later this year at an expected initial rate of 500bopd
Offshore Ireland

Refocus of portfolio towards the proven gas play in the Slyne Basin - follows the Irish Government’s recognition of gas’ key role in the country’s transition to renewable energy and its intention to phase out oil exploration Discussions ongoing with prospective partners to farm-out 100%-owned FEL4/19, which is home to the 1.5tcf Inishkea prospect See post period reporting events below
Offshore Morocco

Awarded large Inezgane licence covering 11,192 square km in the Agadir Basin offshore Morocco in September 2019 Shell, ENI, Repsol, Hunt and Genel currently active in the area Data tapes received from ONHYM in preparation for seismic reprocessing Large prospects with resource estimates in excess of 250mmbbls have already been identified in the Lower Cretaceous fan sand play, a prolific producer in West Africa Licence attracting interest from a number of operators looking to farm-in
COVID-19

At the reporting date of 31 January 2020 there was no impact from coronavirus
Financial performance

Revenue £0.8 million (H1 2019: £0.9 million) Pre-tax loss before exploration write-off / write-back £0.5 million (H1 2019: £0.4 million) Pre-tax loss of £3.5 million including write-offs taken following relinquishment of Irish licences (see post period reporting events below) (H1 2019: pre-tax loss £0.4 million) Net cash used in operating activities £0.4 million (H1 2019: £0.3 million) Cash balance at 31 January 2020: £1.5 million (31 July 2019: £2.9 million)
Post reporting period events
UJO have said we are selling oil and that the tankers leaving Wressle are not filled with air/water.

Still looking forward to the EOG interim results that are usually with us any time from early to mid April.
We may get a general update before then as the operator EDR might have some data available as to progress re;produced oil sold to date/ the squeeze/and or side track. (EWT prodution) is never the same as actual production rates but could provide an insight as to progress. For the obvious reasons things are usually kept very quiet but still wondering if the EOG results might bring forth some info from one of our partners or both. You never know.

I know we will find out when they are ready. Just scratching for bits of info really.
Very impressed with the tight ship though. Frustrating. Roll on the red dot.
Happy Easter.

Viva the U.K / Viva UJO.

Good to know Mirasol owned a number of those British manufactured products also. Can't of been all bad then.
Can you get a Rickshaw with four wheel drive & alloy wheels in British racing green I wonder.
I will know who's coming when I see it.

Same thing happened to a lot of products cars etc from all over the world. Viva the United Kingdom. Viva UJO.
Yes always worth remembering to keep our cars serviced and checked on a regular basis to prevent accidents.
Car parts are manufactured all over the world so best to be careful. Some do not have the high spec we would prefer.

https://www.msn.com/en-gb/news/world/boris-johnson-pledges-to-create-g7-rival-to-beijings-belt-and-road/ar-BB1f2CAd?ocid=mailsignout
I believe the prospects for UJO and it's partners are very good.
Don't think any body should be dragging there heals. Hope for a better week ahead. Stay safe.

The Suez canal still blocked.
2oo Chinese vessels sitting of Philippine in south China sea.
U.K M.P 's sanctioned by China.
U.S politicians sanctioned by China.

Glad our vaccination program is going well.
I feel we need more U.K very preferably on shore if possible oil/gas A.S.A.P never mind misguided/board/disillusioned protesters. It is a real world out there.
We also need to start making our own steal again A.S.A.P.
Some how we need to create a U.K manufacturing base akin to the past.
WE NEED TO WAKE UP !
Very much hope we get news on proponent squeeze and West Newton very soon.
I hope our oil and gas will help to power this country into a broad manufacturing base.
I hope we can make some steal also.
Keep cleaning down those surfaces.
HANDS FACE SPACE.