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When people make predictions, they base them on the known facts at the time of said prediction. Nobody could predict the covid situation as an example or the negative oil price. Had Oil continued it's upward trajectory and fracking had been allowed to continue, we and others would be in a far different position. Heid's oil price predictions were very likely at time she made them imo. I expect a $100 a barrel to break this year, but again, anything could happen to prevent this. It is a little unfair of you to keep boring the pants of everyone with your repetitive comments, nobody is really that interested in whether Heid changed her mind. In all honesty, I and probably most posters on here who are actual shareholders would prefer her positivity to your constant negativity. No genuine shareholder who wants their investment to mature would value your nonsense. And as far as your suggestion goes that I am Heid, why not go back to my original post when I bought into Union Jack and it wouldn't take Sherlock Holmes to see that we have nothing whatsoever in common in our comments other than our joint desire for the share price to get to fair value.

Update, email from Mark Abbott to Heid confirming turbines now commissioned and in test phase awaiting stabilised production. Fantastic news for shareholders, disappointing for the couple of idiots on here who aren't shareholders but dedicate so much of their time as if they were, to bringing as much negativity to this bb as possible.

Union Jack is doing everything right and sooner or later the market will see the light. A profitable, debt free, cash generating, dividend paying company buying back its shares. There's nothing not to like.

topping previous months and this was without the turbines contributing to the gas take off. It was a good month, especially as there must have been some shut ins during operations to install some of the equipment.

The turbines themselves are very likely in the test phase now and personally I am allowing until the end of this month to hear some news in this front. There will need to be safety inspections, no doubt some form of certification and then some rigid testing before the operator can safely state any new production figures. We don't want intermittent problems, we need to see a stable gas burn and increased oil flow.

Regards the buy backs, I believe these are an excellent way to spend a few shillings whilst awaiting further operations, planning for Biscathorpe etc. Nice to amass the cash but it should be working for shareholders and this is precisely what it is doing for long term holders. Two million plus shares bought back that are not eligible for a dividend and could be used for an acquisition or something else further down the road. They could easily be worth treble the value they are today. I don't hold with the accusations that the board will divi them up, that's not their style.

Biscathorpe in my view is looking good for approval, other companies are seeing successful appeals, why not this one?
If granted, this will be part of the drilling plan for 2023 and it's already a discovery awaiting a side track to produce.

West Newton for me isn't as exciting or as important as it was, Union Jack have a lot more of their higher percentage ownership stuff to be getting on with, Keddington side track with a proppant squeeze could be another Wressle. Cash is King and Union Jack is the king of the joint partnerships. This year will culminate in a far stronger position for the company than ever before. Exciting times ahead, 'the future IS bright.

into the weekend. Let's hope it runs out by Monday.

Have good few days folks, spend it with you wife or partner, your kids or grandkids, not on here every day *****ing with each other.

in my view that the share buy backs going to treasury are he best way forward for the company to evolve to a mid-tier status. Union Jack need to keep pushing forward, relying on operators timescales and financial positions will always be cause a delay in operations but that is what we have invested into.

The company is now, in my opinion entering a new phase in its development.

No fear of placings, some highly desirable assets with large percentage ownership. Debt free and cash rich, the SP will no doubt rerate as the market catches on. As an AIM investment, there are few in this industry I would want to risk my cash on. Union Jack is as near to risk free as there is, just need to exercise a little more patience. And no need for the 'i've been waiting years' merchants, I know long term investors have suffered, but those days are over as we enter a new era.

Nail on head there Heid. Thise shares in treasury at 27p will be a good move when they are worth your pound. As you say, an aquisition could c0me very cheap.

a few planning applications are being granted, (ANGS, UKOG) so I believe we will see a favourable outcome for Biscathorpe when the Inspector publishes his decision in what one would hope is in the near future. This is a cracking asset for Union Jack, who with operator Egdon Resources, look to drill the side track this year, described as believed to be the biggest un-appraised onshore hydrocarbon discovery in the UK, a good result here will be massive for the three partners. Involved and especially for Union Jack holding 45%.

With the additional revenue from Wressle when the turbines have completed their test phase, this company really is going places. One cannot keep referring to the past here, it is completely irrelevant as never has Union Jack been anywhere near the stage it is now at. The daily attacks are com(ng from people who are not invested here, it's a game, an attempt at winding true shareholders up but for me, I am looking forward, not back. Inevitably this company is going to be churning substantial revenues, increasing operational activities in relatively safe assets and I do think success will come for shareholders this year.

Yes, a solid safe investment case is UKOG. How long before it's down 24%? ;0)

at West Newton. For every month it takes them to raise the finance needed, Union Jack is turning almost a $1,000,000 in revenue, whilst already being fully financed for that drill. For me it is about drilling the near term assets that pay back the quickest. If Biscathorpe planning comes in, the company has 45%. Then Keddington at 55% and what with the stunning Wressle well at 40%, the cash will be pouring in. For me, West Newton will be a quick one off profit 'if' successful as it is likely all interests will be sold imo. The future here is the oil production and the assets are pretty impressive. When you look at everyone cussing George Lucan for the Saltfleetby operation, Steve Sanderson for the UKOG mess, and Europa and Egdon, our partners in Wressle relying on their relative 30%'s and the RBD management being castigated, Union Jack is sitting pretty for the long term. It is the only one of the bunch offering a strong investment case as things stand.

Grey Panther, my feelings are that Wressle-1 is exceeding everyones expectations and it could well continue to do so. Maybe I am being overly optimistic but everything seems to be better than expected. With the uplift in reserves to 2.4 million additional barrels in place, it just gets getter and better. We will have to wait and see. Whatever the uplift, it's another wad of cash heading the company's way every day it is producing.

the expectations and predictions of the JV partners, the Gaffney Cline team and the geologists. During December flow rates of 1000 bopd were recorded. Still free flowing with no water cut, it is confounding everyone with what to date, has been unfaltering results.
The introduction of the turbines, in the opinion of the operator the increase will likely be approximately 20% which could reasonably place total bopd at anything between 1000-1200 barrels.
For Union Jack, this equates to 400-480 bopd which at $80 per barrel, would return a revenue of $11,680,000 - $14,016,000.
In addition to this, running costs for the site will be reduced by whatever the present power costs are as the site electricity will be provided by the turbines. Not forgetting the revenue from Keddington too. This is 2023 without Biscathorpe. Keddington side track, the Peni8stone Flags, West Newton and North Kelsey.

My personal opinion is that we will get Biscathorpe granted and this will become a priority drilling operation alongside the Peni8stone Flags, both achievable this year. One which will increase revenues to Egdon and Europa too. Cash they need far more than Union Jack so a little pressure to get to get this drilled. Biscathorpe would be a super result for UJO with a successful outcome here, a big percentage of what is described as the biggest, un-appraised onshore discovery in the UK.

The future here is extremely positive regardless of the negativity and constant bashing. Not tomorrow, not next week but a future that looks to be second to none for those with the patience to now wait to see it happen.

I feel the company now has a solid, achievable future that won't take years and years to come to fruition. We have assets making money and assets in waiting. This is a company that has not been in the position it is today, the past is what it was.

Very few AIM listed companies have the sort of revenues coming in UJO have, the cash balance, are buying shares back and paying a dividend. Many companies are relying on placings to survive whilst achieving little, some are discovering raising cash almost impossible without substantial discounts to their share price. And here we are, no placings needed or even likely. So for those who enjoy attacking every positive post regardless of the content, you will, in my opinion soon be running out of steam and similar to Tom Winnifroth, spouting rubbish that people can see is pure hatred. This company is a solid investment case moving forward.

Cynderlad, I would be more worried about your investment in Angus. Little cash which is being burnt up on a 14 day delay drilling the side track, which was caused by a collapse in the bore hole, in an area that has previously beaten other drill attempts. If this isn't successful, ANGS will be sub a half penny and be placing at a sizeable discount to that. And you believe Union Jack, the profitable, debt free, cash rich, dividend paying little company is a dog on a short leash? Lol, I know who I would rather risk the house on.

You won't find many posts from me quoting the oil price every time it goes up or down.

Pboo. When have you EVER stated the oil price when it goes up lol?

on Twitter showing all the work carried out from the turbines to the flare. Looks pretty complete, they could well be commissioned and testing.

Why don't you give it a rest Justbe, an opinion is an opinion. Whether right or wrong, everyone has the entitlement to express it. You just show your childishness with the majority of your comments. Every time anything positive is posted you and the other twa'ts have to try and turn the feeling negative. It's tedious.

Herbert, my thoughts are that there are a number of reasons for the continued small intermittent buys in the buy back.

Any buy back must have not have any affect on the SP movement, hence they are bought in small chunks of 100k.
If the company are aware of impending news, they become inside and cannot buy back.
The buy back is not to support the SP, it is to reduce the shares in issue which long term are to shareholders advantage.
Shares not always available within the range they have to be bought in, which I believe is a 5 day average?

Nibbling away at them achieves all the company's long term goals, a capital reduction that will, as time moves along, help to give a lot more value to shareholders who hang in there.

When you take into account £10,000,000 in cash, $1,000,000 approx revenue per month, paying a dividend, buy backs, debt free, some potentially great assets to follow etc, it would be fair to expect a far higher valuation over the coming year. Compared to many, or even most of Union Jack's peer companies, none are in or even near the position this company enjoy and ultimately the value will, I believe, exceed expectations.

Union Jack Oil (LON:UJO) is the topic of conversation when ************* caught up with Craig Howie, Analyst at Shore Capital.

Craig, Union Jack Oil announced landmark revenues of US$13m have now been reached at its flagship Wressle development, how does this compare with Shore forecasts?

Our last-published numbers for 2023 assume average daily hydrocarbon production of approximately 750boepd (gross). With site upgrades ongoing and the Wressle development continuing to demonstrate an impressive production performance, Union Jack’s latest update reinforces our belief that our prevailing production forecasts for the current financial year are now looking conservative. However, ahead of our next detailed model update, we continue to forecast revenues of approximately £9m in the current financial year.

How is the share price for Union Jack Oil looking compared to your initiation note?

As discussed in our initiation note and subsequent commentary, Union Jack’s share price is trading at levels far beneath prior highs, although we remain very confident in the investment case. Our forecasts continue to indicate a robust financial performance and, noting in particular Union Jack’s debt-free balance sheet, ongoing share buyback programme, strong cash generation and undemanding rating on standard metrics, our Risked NAV estimate is confidently maintained at 90p/share.

How do you view the outlook for the company?

We believe that Union Jack has a very bright future, seeing strong scope for production to materially increase as development of the *****tone Flags reservoir and gas-to-wire initiatives are progressed at Wressle. We would also highlight Union Jack’s plans for an active drilling programme in 2023, for which the company is fully funded and which we believe provides excellent potential for important drilling catalysts as the year progresses.

What should investors be looking out for in terms of newsflow?

In addition to further regular updates on Wressle’s production performance, we expect full year 2022 results in May and also see scope for news in a variety of areas over the coming months –including possible updates on planned drilling across the portfolio, a new competent person’s report on Wressle, and developments on the planning front at Biscathorpe and North Kelsey.

Is free flowing at historical rates without the turbines being commissioned.

Seems as though with the restricted choke, 1000 bopd has been achieved which with a 20% uplift when the turbines are connected, Union Jack will be in receipt of a minimum 480/500 barrels per day.

There is a great unknown with this licence, the 500 bopd originally hoped for after the proppant squeeze has now moved to 1000 bopd.

achieved. If we were to see a 20% uplift as expected, thats 1200 bopd, of which Union Jack will be receiving revenues for 480 bopd.

At $80 per barrel, this is $12,264,000, just over £10,000,000 sterling.

There will also be a cost reduction of their 40% share of the site power costs. No idea how much this could be but it is still additional revenue to the company.

There is a plan to sell the remainder of the gas to a third party, which will increase the oil flow substantially, so this year, imo, will be a very busy, highly cash generative one. And this is without any of the other assets coming in.