For every day oil remains17 Nov 2021 13:29
above $80, based on what I believe is fair to assume is being produced at Wressle, (500 bopd), there is approximately £83,000 coming in EVERY WEEK! Pounds not dollars! This is very likely on the low side on average but it is during an extended well test, it is seriously choked back and it is free flowing. The site is being upgraded to cope with higher flow rates, 884 barrels in one day have been recorded and confirmed by the JV partners. You can knock DB all you like but it is he who made the decision to invest, it was he who has increased the company holding in this great asset to 40% and in the interview he suggested potentially increasing this. If his next decision is to go for more oil from Keddington, which is literally just a side track, with a massive 55% interest, based on an extra 300 bopd production here, an additional revenue stream of over £68,000 per week. So between the two licences, Union Jack could easily see a weekly revenue of almost £150,000. £600k a month, 7.2 Million Pounds Annually. For me, this is worst case scenario as Wressle I am confident will do far better than the minimum expected and all this removes the normal risks associated with nit only AIM stocks, but oil companies. Make a negative out of that boys!