The last few months have been diabolical11 Dec 2021 16:10
for UJO, Reabold and even Egdon in terms of share price. Union Jack have been the most unfairly treated yet they are in fact the most investable of the three. If they just sat there making no acquisitions, just twiddling their thumbs, the bank balance would almost certainly be in the region of £12,000,000. In addition to being debt free, there is a £1,000,000 outstanding owed by Egdon. My hope is they only look at developing cash generating assets now, avoid any further interests, just keep increasing revenues. Keddington would seem the most obvious choice to move forward with next. Decades of production from this licence, a simple, low cost sidetrack could add an additional few million pounds per annum to the UJO coffers and with the world outlook on hydrocarbon reduction, already producing wells that require no new planning applications are the way forward. With oil prices potentially breaching $100 in the near future, council kicking operators into touch, Union Jack and their partners could possibly finish up three of the few UK onshore producers in business. Once Wressle flow is stabilised and revenues confirmed, cash coming in will guarantee SP improvement. The company is at little risk of failure now and sooner or later the sentiment will return.