Member Info for TheAimCasino

AGM Business Update
January 16, 2023
Revenue
TheCompany’s revenue continue to be strong with unaudited revenue for the five-monthperiod from August to December 2022 of £3.08 million (2021: £2.07 million).
Operations
Progress is being made across Egdon’s entire portfolioof assets, highlights include:
Wressle
· Cumulative oilproduction of more than 341,100 barrels to 12 January 2023, with no water
· Current daily production rate of approximately 825-850 barrels of oil perday (“bopd”), however, a daily rate of in excess of 1,000 bopd was achieved inlate December 2022, following a four day shut-down
· Threemicroturbines have been delivered to site and installation and commissioning isongoing
· Themicroturbines will generate all site electricity and are expected to enable upto a 20% uplift in oil production
· 3D seismicreprocessing completed and new field interpretation being finalised to confirmfinal target locations for future appraisal and development drilling
· New CompetentPersons Report to be commissioned incorporating the new field interpretationand exceptional production performance
· Planning andpermitting process for *****tone Flags development has commenced
· Drilling of a *****toneFlags development well is planned for H2 2023, subject to receipt of regulatoryand planning consents
· Progressinggas to wire, and gas export options to generate further revenue streams and to eliminategas incineration at Wressle
Keddington
· Reprocessingof existing 3D seismic data currently being finalised to inform finalsub-surface location for a side-track well to target around 160,000 barrels ofincremental oil production
· Planningconsent and permits in place to enable drilling during H2 2023

Avington

· All planningconditions have been discharged and the operator is planning to restartproduction during H1 2023
· Egdon willincrease its interest in the field to 36.33% on completion of the acquisitionof Aurora Production Limited

Waddock Cross
· Egdon willincrease its interest in the field to 73.75% on completion of the acquisitionof Aurora Production Limited
· Plannedredevelopment of the Waddock Cross oil field
· The Company isprogressing planning and permitting to secure consents for drilling with thetarget of H1 2024
Biscathorpe
· A PlanningHearing was held on 11 October 2022 and the Inspector’s decision is awaited
· Preparationsfor drilling in H2 2023 would follow from a successful planning appeal
North Kelsey
· Egdonsubmitted a planning appeal in August 2022 and we have been informed that theappeal will be held as a Hearing with the detailed timing awaited from thePlanning Inspectorate
Resolution and Endeavour (P1929 and P2304)
· Shell hascompleted its withdrawal from the P1929 licence and Egdon is now operator witha 100% interest
· P2034(Endeavour) was surrendered in No

https://www.egdon-resources.com/latest-news/agm-business-update

Can see more than 1000 bopd ongoing in a month or so's time

'Threemicroturbines have been delivered to site and installation and commissioning isongoing
· The micro turbines will generate all site electricity and are expected to enable upto a 20% uplift in oil production'

'Current daily production rate of approximately 825-850 barrels of oil per day'

It gets better and better!

'daily rate of in excess of 1,000 bopd was achieved inlate December 2022, following a four day shut-down'

get anywhere. They remain fund raising, entering JV's, buying up assets that they either fail to develop or fail to succeed.

Union Jack listed on AIM with no different outlook to any other. To raise cash, to buy into assets and hopefully come good.

But unlike many others, they HAVE come good and whether or not it's taken nearly a decade, for all they may have raised to exist, they have also invested into a number of projects that are either producing revenue, potentially can produce revenue and one or two that if they come good, will see the value of the company substantially rise.

For the people who have been around for the duration, it's been a long journey, many will have traded it and done OK, others just leaving it as a long term investment.

But there's no doubt in my mind that EVERYONE presently invested will see a good return here now. Long termers a well deserved reward for their patience and suffering, newer investors a healthy mark up in what I see as a good long term hold.

This is a company with cash. A company with no likelihood of a placing. A company with strong revenue generation set to increase. A company with a substantial safety net to protect itself against any adverse conditions. A company with the financial strength to diversify if necessary. Beat it up as much as you like Pboo, Persimmon and the rest of you but your opinions are becoming weaker by the day and anyone with half a brain can see you are heading in the same direction as Tom Winnifrith, running some sort of hate campaign which is making you look more and more foolish with each million dollars of revenue.

many who aren't actually shareholders, the company is in many ways now moving forward positively. Whilst this may not be reflected in the share price, from where I sit there is little the company can do with regards to this.

The past 12 months HAVE been transformational, regardless of those who moan about calls for patience, it is only now that patience will actually pay and it is quite obvious, the way things are going, that increasing value will be seen.

Two years ago, Union Jack were no different to any other small AIM company. Prospects that needed developing, in debt, placings required to carry on. Investment here was a gamble, as are most stocks, on a rabbit being pulled out of a hat.

Well, the rabbit is out, Union Jack is profitable, it is debt free, it is generating a substantial revenue for a small company, a revenue that it is fair to suggest will soon be increasing. That is a FACT!

To pay a special dividend, which I am confident there will be more and to buy back shares, again, takes the company status one step ahead of most of its peers.

There are those on here that seem to exist only to demoralise and trash anything positive, attack any poster who dares to show any confidence in the future if the company but I do feel they, like Tom Winnifrith, are starting to look a little closer to being foolish. With little of no chance of any fund raising, cash coming in offering long term security against any market issues, a solid revenue base building on this by the day, it is only fair to say the future gets better and better and the value will literally be forced to increase.

The implementation of a two-stage gas utilisation scheme is currently being progressed, which will enable the oil production limit to be lifted. For the first stage, it is the intention to utilise the Ashover Grit gas for electricity generation and export, for which planning is already in place. This will be undertaken in two steps. Initially, the site diesel generator will be replaced with a gas microturbine for site electrical power, and secondly, a separate gas engine installed to generate and export up to 1.75 MW of electricity into a local private power network.

This is the first stage, it will allow increased oil production which I would suggest would give the partnership in the region of 1000 bopd, or more, equalling 400+ a day to Union Jack.

It would be very interesting to know who the local private power network is, there are only a few possible recipients in the area, ie British Steel, a retail park, an industrial estate?

For all the dissent produced here every day, everything seems to be progressing nicely and that $1,000,000 dollars per month will be coming up a lot quicker. 2023 set to put a few people back under their stones.

many have been hoping for in 2022.

Union Jack has moved from your average fund raising, loss making AIM stock to a revenue generating, profitable company which is about to introduce gas turbines into the mix at Wressle to increase oil flow and initially generate power to the site.

I am expecting a comfortable 1000 bopd commencing in January, 400 bopd to Union Jack. Throw in the production from Keddington and we are looking at some serious revenues. This is pretty unique compared to their peers, it's a fantastic achievement imo. Shareholders have a fantastic safety net for the future, whatever the world throws at them. The ability to diversify even, without raising funds. 2023 I am sure will see a substantial share price re-rate, so good luck to the few genuine shareholders posting here and here's to a prosperous new year.

"Actually I'm at home with the log burner sizzling away with a nice bottle of red chilling with the Mrs and the dog"

Do you both have name tags so the 'Mrs' can tell you apart lol?

Goes without question we have moved forward massively this year Ninetails, we are just being ravaged by just about everything that can be thrown at the industry. To become profitable, cash rich, achieve sustainable strong revenues, buying back shares, paying a dividend and more, it will only take a small correction in the forces presently battering oil and gas to substantially re-rate imo.

Smellypete, you and your chums have been beaten back time after time on West Newton, from your rowdy attendance at council meetings to your on-site lorry surfing antics, everything still went ahead regardless. All you ever achieve is costing the JV partners a little time and expense. Councillor Birch's whining has been stamped on, he's off to the Bahama's now via hydrocarbon powered taxis, aircraft and coach. He wouldn't get to Scarborough under his own steam. Why can't you just accept the science. Alternative energy cannot just simply replace oil and gas obernight. Only a complete fool would believe switching to wind and solar could keep us warm. Keep the lights on, homes running etc. Now don't get me wrong, I am not against a green powered world, again, nobody in their right mind would prefer hydrocarbons over natural power, but is is not possible now, it will not be possible by 2050. We need oil, not only for the 6000+ items aside of power, we will require lots of it to build everything that will be needed for a green future. Now I know you don't care, but I like a toothbrush, one of the 6000!

You seem to be getting very tetchy Olivia lol. I'm sure team UJO have their eye on the ball on the tax situation.

I think you are trying to divert your connection to Europa or Egdon by making that suggestion Olivia lol. I have challenged you so many times for you to avoid commenting. When I say they could drown in debt, i was referring to your comment that if Wressle disappeared, everyone was reliant on it. Only Union Jack has the ability to move forward should that happen without looking for cash. With £11,000,000 they could easily just pay for Keddington to be side tracked. I am just questioning why you seem so keen, out of the blue, to start suggesting mergers. Everyone wants Union Jacks money I am sure, but I would never support sharing it with their JV partners as they can bring little to the table imo

I believe you stated you had made a 6 figure sum trading Union Jack, Olivia Oil, surely you wouldn't like to lose out on more trading?

if wressle stopped producing tomorrow, Union Jack has a cash safety net of £11,000 000. It also has e small revenue from Keddington which could easily and economically have its production increased. Wressle also holds other areas of development. Yes, Europa and Egdon would potentially drown in debt, but not UJO. You do seem to have a serious issue with the success here. I do wonder why!

Union Jack merge with Egdon and Europa lol?

UJO has £11,000,000 in the bank, a big chunk of Keddington, Biscathorpe and North Kelsey, strong monthly revenues and a manageable share of what has been confirmed as the biggest gas discovery in over half a century.

Oh, there lies the answer lol! Two companies of minimal value merge with a successful company and take a chunk of their assets and cash.

Great idea Olivia Oil, do you work for Egdon or Europa lol? Your knowledge and agenda really does lead me to believe you are involved with one or the other.

I see an extremely successful company here, no pointless shale licences, no offshore dusters, no placing requirements, profitable and debt free. I am sure many people would like a piece of it. But a merger between all three is laughable.

Pboo, as I am not aware of the consumption at the site per day, I cannot answer that. However,
"It is expected that installation of the microturbine will be completed by year end. The additional revenue from monetisation of the Ashover Grit gas, together with increased oil production rates, will have a positive impact on the value of the Wressle field development when operational" so however you wish to look at it, there will be a take off of gas and thus an increase in oil. How much remains to be seen but it is positive however you may like to insinuate otherwise.

I think your opinion on that is rubbish Itsawrap, what do you think using the gas to power the turbines is going to do to the present gas burn then? Increase it? The whole point in their installation is to take some of the gas away from the flare and that in turn will allow the increase in oil production. Fact.

You need to treat Union Jack Oil as an investment, not a gamble.

It is an AIM company with no debt, no likelihood of a placing, cash and asset rich, generating a strong, monthly revenue and is not only repurchasing shares, but paying a dividend.

This steers it away from your average AIM listed company. What is needed now is patience as the operator of Wressle installs and brings the gas turbines online which in turn will decrease the tonnage being incinerated, allowing the oil production to be increased, thus adding additional revenues to Union Jack's income.

With almost £11,000,000 in the bank. All operational costs covered for 2023 and a strengthening cash balance, there is a sense of safety of investment.

Should Biscathorpe receive approval, Keddington is side-tracked and West Newton produces at a commercial level, a mid tier status will be easily attained.

But, even if every prospect failed to come in, Union Jack will continue to move forward and still be generating substantial amounts of cash for a long time.