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I am saying net because if they produce 750 barrels a day at $70 a barrel, 300 to UJO adds uo to $21,000 a day times 7. Convert back to pounds and £100k is actually underestimated. If this comes to be, the co will be very investable. Just need to get this week away and any olacing news. They may postpone it but I cant see that. Whats the point, if they need the cash to move forward, the quicker the better and then follow up with a glut of news.

Reabold must also be nearing a placing. They hold a big chunk of the costs for West Newton and nearly 18 weeks of operations must be hitting their pockets. From what I can see thay have little of value so if West newton fails to come in, they will be in a very shaky position imo. Egdon need to borrow £1m from UJO, they did a small placing but obviously they arent cash rich. Their saving grace will be the cash coming in from Wressle and they too appear to have little else to shout about. UJO on the other hand hold all the cards imo. The million quid loan is secured on a big chunk of Wressle and is being repaid at anhealthy interest rate. Win win. The costs at West Newton are only 16.6% so possibly not to great an outlay comoared to Reabolds. Neither of those will be seen as profitable companies for a long time. In the next few weeks, the co could be sat with 9/10 mil in their account, over £100k coming in every week and the ability to progress other cash revenue assets like Keddington. I belive their cash status wilk just keep improving now hence my investment today.

Heid is weeping money like a lot of shareholders. Its natural to try and support your investment. I will be doing the same now as I have bought in. I will not howver be cooing over anything that is obviously not right. This placing is obviously hurting anyine who bought in after the the consolidation and long termers. If you look at this next week I think sentiment will be back. If they release Wressle or West Newton good news the placing will be history.

He needs to do an interview to explain the royalties better, seems like nobody understands the value there. From what I can glean. It is buying money at discount. Can't see why they would do itif there was no value. West newton was always a gas discovery, if that is all thats there, it will still be worth a fortune, even more-so with the present situation. I think the company has to ensure a strong cash position and when people say they are always placing, its been a year since the last one. As soon as Wressle is fully cleaned up and the flow rates stabilised amd announced, Union Jack is a profitable oiler. They can only go from good to better from then and I think people will realise this. If this placing goes ahead and then the co announce 759 barrels stabilised, well, wow what will that do for the sp?

here's some points that arent being taken into consideration.

In the bank I reckon £4m?

£2m to be paid to Calmar. Ongoing costs for West Newton which by my reckoning has been going on for 18 weeks? An overshoot of 12 weeks on estimated operation. This work continuing now at A site so say with everything, the company has a safety net of £1m.

Although cash coming in from Wressle, there wouldnt really be enough to ensure reserves to cover costs of West Newton. I dont know enough about the royaltied but surely the accountants/financial advisors have reviewed the value here.

If this placing goes ahead, the co will be sat with a lot of cash and a lot of cash coming in. It would appear wressle will do 750 a dau which is 300 a day to UJo, plus about 20 from keddington and fiskerton. 320 a day adds up to about $8m every year. Then the royalties? Then maybe Keddington? What if the gas or/and oild comes in from west newton? What about Biscathorpe? I think the co will do a massive turnaround and now is the time to start buying not selling imo

for some time. Steered clear due to placing leaks placings and all the bad feeling on the bbs. Just taken a small position which I am going to try and add to today. Think the assets here could turn things around once any placing is done. Reading details on Wressle and it looks like way more than 500 barrels a day could be coming in. Not many profitable companies on aim so I believe once/if placing done, loads of cash coming in from that, the royalties and if West newton shows anything positive, then this will make a massive recovery imo.