Member Info for TheAimCasino

You keep sayimg about shares bought pre-agm, when the co was buying back all year, why not say WHY they were buying pre-agm instead of suggesting something dodgy. Personally I cannot see any reason to do this just to appease half a dozen attendees 😂. The resolutions were all going to get passed regardless so come on. Instead of suggesting, let's have a reason.

I havent the energy to address all your criticisms Heidi as that is all you do. Critiscise.

Theres anything wrong, just in a quiet period on news. The CPR was expected in June but not promised, Wressle must be pretty complicated to analyse, it took Gaffney Kline almost a year. The will I think is still under test so data must be chamging all the time. The £17m seems a bit late coming but the period in question involved lower oil prices and the dollar/pound rates were a lot poorer. There could be other stuff going on that is holding these events back but as long as the revenue continues to come in, it's a case of waiting. Im certainly not worried about any impending negative bombshell. I believe we will see Biscathorpe result sooner than later and I still think Keddington will be drilled this year. That will do me if Bisca is a goer.

I think you may need counselling or something Heidi, you have said more goodbyes than Demis Roussos https://youtu.be/f4LKlOyC-To Always trashing everyone elses opinion like yours is the only one worth its salt. Few seem to like you nowadays due to your new self importance stature 😂 try and reply to me once not a dozen tomes, fills the bb up.

Don't know why yiu are so keen for DB to buy, there's obv no issue as Joe o'Farrell just splashed out over £100,000 on shares. He obviously isn't bothered long term and he's over 70. And the SP still drifted down. This is a news driven share, it is heavily traded and that isn't really the company's fault. News can only be released when there is some and watching some of you lot crying like babies when there isn't any is pathetic. You either believe it will come good or you don't. Personally I am happy to hold for the long term based on the assets that the co have, the ones that they will hopefully be able to develop, the cash coming in and the debt free, no placings imminent status. Not many oilers have that. This day to day wailing about the SP and demanding news, after a year if nothing but, shows just who and who shouldnt be investing in AIM stocks.

But Pboo. You always like to state FACT. 16% to 15% is not FACT is it? When you lie you have to have a good memory.

Pboo

14 Jul 2023 10:42

16% profit in 12 months, more than you have made with your bonds, UJO shares or Dividends combined

Pboo today

Yes Heid, sold my MotorHome for a very nice approx 15% profit after 14 months use and 12,000 miles.

So just how much profit did you really make, seems to be going down 😂

Itsawrap, I couldnt give a flying f*ck what you or Pboo think tbh, yet again you, he, spoil a pleasant exchange over the weekend. Well, whatever floats your boat.

Cont... bring value to all of us.

OK, let's start with DB. Firstly, he's not like many AIM Chairmen/CEOs, he is 73, his experience has been solely in the oil sector for the most part. He's not of an age where he's trying to get rich quick. Union Jack is likely his last enterprise and one he wants to see being successful. He has always said his intention is to see the company with a mid-tier status. The rest of the board have the same desire and none of them, like DB are in this for the money which I believe sets Union Jack's management apart from most oilers. On that basis. the success of the company is a goal for the whole management team.

The biggest part of the company history has been asset acquisition via placings which has held back the value process until Wressle came good. No good, imo, looking back on pre-profit times, they are immaterial. The company after a decade or more is profitable, debt free and turning a decent revenue from the two producing wells in their pretty reasonable portfolio. We haven't got any fracking licences, we do have some very exciting assets that could be reasonably near-term. Biscathorpe, if the inspectors decision is favourable gives us 45% of what is described as the biggest unappraised onshore oil discovery onshore UK. Look at the figures for yourself here https://unionjackoil.com/operations/biscathorpe/

We could feasibly be drilling this early next year.

Keddington has been producing for decades and continues to producr in the region of 30 bopd, with the company's 55% of this asset, completing a sidetrack, possibly this year, the output could be in the region of 300 bopd, 165 barrels to UJO.

THEN we have Wressle. This well seems to know no bounds. Heading towards half a million barrels of oil produced to date and still with multiple zones to target, our again, substantial percentage (40%) ensures the long term future of the company.

DB has no doubt made some excellent decisions when it has come to choosing which assets to invest in and he has increased UJO's holding in each to the advantage of the company and shareholders long term.

I am no longer a lover of West Newton in terms of value at this stage. It may be one of the biggest gas discoveries in half a century but right now, there are two JV partners, one the operator, that cannot pay their way. One relying on a payment from Shell that isn't guaranteed and one, the operator, without the finance and seemingly unable to get it. My question is why, when all of the hard work has been done, aren't any financially stronger companies interested in taking part? West Newton appears to be in the bottom drawer but luckily for us, UNION JACK has more than enough near term operations to bring home. As far as news flow is concerned, when you look at the present situation, there's not really that much to say. It is a case of sitting things out, at least in the knowledge that the company will not need to dilute our holdings to exist and that the assets we have, as they get going, WILL br

Herbert, if we were in a sector where there was stability and promise, then I would say yes, let's take a few jumps. But we are in a sector plagued by protestors, oil hatred, transition demands, the inability to raise funds, you name it. We are up against every possible negative. Right now, safety is my preference and keep building the cash pile. It makes us stronger, it offers diversity if we need it. I believe we own enough assets without piling into a bigger one. Maybe you should consider why nobody else with stronger funding is jumping in to take Rathlin, or JVing with them or Reabold. Obviously DB knows more than us and has his reasons for not doing this

There remain three catalysts in the near term to take this SP forward, Biscathorpe, Keddington and Wressle.

Biscathorpe approval would mean we have 40% of a substantial oil discovery which I believe would be drilled next year. Keddington could be worth an additional 150 bopd to UJO based on the company's 55% and Wressle has the opportunity to substantially alter the whole outlook so no, not donkeys yesrs. Plenty to progress in the near term.

Lenin, DB is always restricted as to what he can say, especially regarding JV partners. He could hardly say they haven't got the cash, although I think he did say as much by smiling as he said 'WE are fully funded". Neither could he say Egdon work at a snails pace, or that they would likely be bought out etc As much as news is hoped for and expected, there are so many restrictions, AIM regulations, inside information etc etc, we will always only get what can be released and when it can be released regardless of what we, as shareholders, would like. I wouldn't like to be in DB' shoes with the mess that is West Newton or the lack of progress on gas to grid etc, but his hands are tied imo.

There are no assets worth taking imo. Onshore oil is now pretty much taken up (what's worth having) and I think you may be forgetting that taking Reabold and Rathlin would mean we not only then become the operator, we own a Canadian company with no assets other than their unaffordable stake in West Newton and we would also have an even bigher stake in Rathlin by owning Reabold. There would be a glut of pay-offs to get rid of all the directors, Union Jack wouldn't want them, any of them. It would be the messiest most expansive transaction ever and a huge amount of cash would be spaffed. I think DB is doing the right thing right now in amassing revenues. The oil sector is on the receiving end of substantial negativity, raising cash is becoming very hard, you see small Aimers raising a few 100k now, whereas they were raising millions a few years ago. Nobody wants the risk and I certainly wouldn't want the company cash going towards bailing out Reabold or Rathlin along with all the consequences that would go with it. The company is fully funded for all the drilling, hold on to it and hope that drilling starts sooner rather than later.

7 yesterday, 6 so far today 😂

RE: Dividends17 Jul 2023 16:48

If you stop mentioning my name on this board I will not post again.

Over to you TheAimCasino.

The problem with all that GoldOilDigger is that to take out Reabold. You would then become owners of their other less tasteful 'assets', and be responsible for the whole costs of West Newton. Rathlin by all accounts are struggling to raise funding or find a farm in partner, Reabold's financial position can's be good and the Shell payment may not actually ever be received. It's nothing until it's in the hand. We would have Union Jack in Italy, the North Sea, paying licence costs, and still having to fund progress. It would not, in my opinion, be favourable to UJO investors, more bailing out Reabold investors who I believe are going to see a lot more upset to come.

Union Jack may have operator/JV partner issues, but for shareholders they are cash rich, turning a revenue and remain comfortably profitable. I think most shareholders would prefer to wait as long as it takes to move forward in the knowledge there is no need to fund raise. Taking out their JV partners would cost the company tens of millions. West Newton may be a major gas play but it is going to be very costly and all on the shoulders of one company, is not, imo, practical.

Pboo "Come on DB your shareholders and potential shareholders need an update on the company and your future strategy for the company. Stop using the lack of information on your partners as an excuse'

If you don't know the strategy by now you should perhaps read the past RNSs Pboo.

DB isn't offering up any excuses, the company is fully funded to meet with the operators actions. The fact they cannot get their acts together is in no way his fault imo. Can't be easy, it must be incredibly frustrating. Just what would you expect him to say?

'We are fully funded for everything, we can drill Buscathorpe, Keddington, Wressle and WEST newton, our JV partners who are also our operators, aren't. We can only wait until they are, meanwhile, every 6 weeks or so we have a million dollars coming in"

Lenin, the issue with these interviews is that DB can only really talk about Union Jack. Asking questions about a JV partner in reality, cannot be answered. He as good as hinted they had no money by stating we are fully funded to progress and best to ask the JV partners questions about what they are up to. It's pretty obvious that we are totally beholden to our operators and whatever DB may think, he cannot be seen to be slating them. It's common knowledge Egdon aren't the quickest outfit when it comes to progressing joint benyures, that Rathlin have no cash and as their lack of cash also means Reabold cannot afford to start West Newton either. The face UJO are in such a good position financially is testament to the company's investment strategy to date. DB is between a rock and a hard place right now and I don't really see what he can say when all of the present operations are held up for reasons beyond his control.

A good outcome on the Biscathorpe planning matter will see this back over 30p Lenin, UJO have a sizeable percentage in this asset and it is described as potentially one of the biggest unappraised onshore discoveries in the UK. This would be a major positive for the company.

And of course only your view is valid 🙄