What's not to like here?14 Jul 2024 10:26
For Union Jack's Nomad and Broker to allow any RNS to be released, proof of content is required. In regard to the royalties, evidence of revenues would have to be provided for any statement to have been made. The level of production mentioned from the Andrews 1-17 well would have to have been confirmed before it was stated 'up to a 100 bopdrecorded' and 'commercial success' etc. Some on here seem to enjoy suggesting the board are lying. In effect, they are unable to do this. I note SP Angel broker Richard Hale was in attendance at the AGM to ensure anything that was said was accurate and not misleading.
For the very few people on here demanding share buy-backs or larger dividends, there are obviously reasons as to why they are not being done. Those attending the AGM (a meeting that any disgruntled shareholder could attend) seemed very satisfied with all the responses to their questions and apparently they were major shareholders.
No doubt in my mind that the board are more than capable of running the company in a manner that will achieve success for investors. They have had ridiculous regulatory restrictions to contend with, out of this world tax liabilities imposed, councils objecting to planning applications even after their own officers recommended them and now the idiot Miliband singlehandedly destroying the UK oil sector.
David Bramhill made a decision in the nick of time to diversify outside of the UK. Not Equatorial Guinea, not Turkey, not Africa but the no-risk oil loving US in one of the best areas, Oklahoma, with an established operator who knows the territory. With one successful well drilled, the second due to hit target depth in the next few days, the purchase of revenue bearing mineral royalties and lots more to come, one would have to consider the fact that 'Brammers' is no fool. You either trust him or you don't but one thing is for sure, Union Jack would be seriously struggling if he hadn't substantially upped the % in Wressle, the company would be going nowhere if he hadn't taken us into the US either.
All this noise on here I am sure will quieten down when/if the Andrews 2 well comes in and flow rates and revenues are known. Just a 100 bopd from each of the the two wells (and this was achieved on clean up) would equate to 90 bopd to UJO, over $2,500,000 per annum, alongside whatever return comes from the gas, the secondary recovery and the royalties. Throw in a much lower tax rate, additional low cost wells in the pipeline and of course Wressle and Keddington, what's not to like or look forward to? All this in the first 6 months of 2024?
I will await the negative responses as expected but won't be wasting one minute responding to them. Hope everyone's (almost) having a super weekend💪