Union Jack Oil Share Discussion Threads

[theblackbaron] 12/8/2019 09:06

Rig turned up

[theblackbaron] 12/8/2019 09:05

Rig turned up

[baz33] 12/8/2019 08:43

It cant even get by .30 - keep dreaming! Will probably be a disaster.

[atino] 12/8/2019 08:34

(Quote 9 Aug 2019) Rathlin Energy - West Newton 🙇

In November 2018, Reabold signed a subscription agreement with Rathlin Energy (UK) Limited; a wholly owned subsidiary of Calgary based Connaught Oil & Gas, to invest £3.0m for an equity interest of 37.08% in Rathlin. Rathlin is operator of UK onshore licence PEDL183 in East Yorkshire, UK which contains the West Newton A-1 gas discovery. Upon completion of the investment, Reabold’s cash
injection provided Rathlin with sufficient funds to drill the West Newton A-1 appraisal well.
Rathlin holds a 66.67% interest in PEDL183 and Reabold’s interest in Rathlin implies an indirect interest of 24.7% in the licence for Reabold. The balance of direct interests in PEDL183 is comprised of Union Jack Oil plc (AIM: UJO) and private company, Humber Oil & Gas Ltd which hold a working interest of 16.7% each.

Pre-drill resource estimates:
West Newton A-1 discovery was estimated to hold pre-drill gross Best Estimate Contingent Resources of 189 BCF of gas with a 72% chance of success. This estimate was provided by Connaught’s internal estimates supported by a 2017 competent person’s report (CPR)

Additional upside on PEDL183, represented by the deeper reef flank Cadeby formation oil prospect, was ascribed gross contingent resources of 79.1 mmbbls and a pre-drill estimated chance of success of 24%.

We note Connaught’s management resource estimates were based on economic evaluations run by Deloitte LLP for the CPR. In 2017, Deloitte prepared a CPR incorporating data from the West Newton discovery well and subsequently acquired 3D seismic over the field. The contingent gas resource is assigned to the Kirkham Abbey gas formation, the source of management assessments.

Drilling success
The West Newton A-2 appraisal well was spudded on 26 April 2019 and reached a total depth of 2,061 metres on 9 June 2019. A 28 metre core was extracted successfully from the primary Kirkham Abbey formation and logging operations were successfully completed. Preliminary data from the well suggests that the discovery is at least as big as the pre-drill estimate implying that West Newton could be the largest onshore UK gas field discovered since 1973, assuming that subsequent testing confirms the scale of the resource.

The well encountered a 65 metre hydrocarbon saturated interval from the Kirkham Abbey formation indicating a substantial hydrocarbon accumulation, including a significant liquids component. Drilling operations have now concluded and production casing has been set in preparation for testing the formation. A subsequent extended well test, expected to commence in Q3 2019, will determine flow rates and set the basis for a forward work programme.

In early August 2019, Rathlin announced that it had mobilised a wireline unit and associated equipment to the West Newton A-2 well site in order to conduct logging activities within the cased wellbore prior to the main phase of testing. When testing commences, the operator expects that activities will take approximately 4-8 weeks.

Reabold notes that initial data obtained from the West Newton A-2 well correlates positively with the petrophysical results from the initial West Newton A-1 well and volume expectations will be updated after further core and log analysis. The well also encountered hydrocarbon shows from a secondary deeper target, the Cadeby formation with an oil saturated core. This is very encouraging and this formation is planned to be intersected from the West Newton B location where optimal reservoir development is expected and planning permission is already in place.

Market for gas already established
Reabold notes that West Newton is located in an area of abundant production infrastructure near the city of Hull. Consequently, we believe that material volumes of gas could be developed quickly for delivery into local markets at comparatively low cost.

[moneymunch] 12/8/2019 08:25

3p plus in sight......Gla :-)

[markfrankie] 12/8/2019 08:17

Looking forward to finding out if we have as much gas as predicted initially.
Anywhere near prediction will be a game changer for us !!!! Let alone more gas and let let let alone oil

[markfrankie] 12/8/2019 08:11

Morning all.
Transporters in thismorning

[markfrankie] 12/8/2019 08:06

Looks like the Canadians mean business.

[markfrankie] 12/8/2019 08:04

There are a lot of posters on this bulitin board THAT DO NOT OWN ANY UJO but they pretend to, dont be fooled

[atino] 11/8/2019 18:27

(Quote) “Gloomy Oil Markets Just Got Gloomier” | By Rystad Energy - Aug 10, 2019, 4:00 PM CDT 🙇


Recent developments in the oil market have sent cold shivers through Rystad Energy’s oil market team, calling into question our temporary bullish view for the first part of 2020 linked to the new IMO shipping fuel regulations.

“Economic recession risk and further escalation of the US-China trade war are key concerns in the near term. How long OPEC+ is willing to continue to manage production adds uncertainty,” says Bjørnar Tonhaugen, head of oil market analysis at Rystad Energy.

The short-term oil demand outlook continues to be weak over global economic uncertainty and a simmering trade war between the US and China. Rystad Energy’s current base case scenario doesn’t assume an imminent recession, yet we observe troublesome indicators.

[atino] 11/8/2019 11:00

Share_Talk · 7m ago

With #UJO #RBD Wireline unit (Weatherford) on-site logging of the well at #WestNewton Flow test due to start, 8 Billion barrels of #Oil still to be found in the #HumberBasin Could be an exciting few months ahead for shareholders




...pop ready ? 😜...and “dizzy heights” in check 😉🙇

[maxwell] 11/8/2019 00:19

Just for interest how can a daily share price finish below a set level for that day which is higher than actually set????????? suspect mm’s have a surprise set for Monday!!!

[khoustello] 10/8/2019 13:26

May buy more.

[wisteria2] 10/8/2019 11:51

bionicdog
9 Aug '19 - 16:06 - 1164 of 1167
0   2  0



Is it going to rain?....LOL
Next week .03-.04 Sets fire to the rain!! The results of well testing will rock and roll this little beauty so hold onto your shares and watch them triple in value from here..... that's my bet. gla

[theaviator] 10/8/2019 01:54

Hope this helps. Am not in - just being honest but will buy now on any weakness. Happy that seem to have breakout confirmed. I would like to see that .30 broken and close above but quite happy. Looks good chaps. UJO chart bullish https://imgur.com/gallery/wRyeke7

[deathlydarth] 10/8/2019 01:09

Fair play guys. Want to see close above .31 now and then fingers crossed should carry on. It's having a good go at that .29 for sure. Best of luck

[1985million] 09/8/2019 19:43

Will granted permission but price up or is solely based on product

[khoustello] 09/8/2019 19:35

Hold. I sold half of mine at. 40 a couple of years ago. And they had no oil then either!!

[atino] 09/8/2019 19:02

Been here before - Seems like you’s are right back in it:-) Next higher high to break ?

[moneymunch] 09/8/2019 17:12

On and Up.....Scorchio!!! :-)

[moneymunch] 09/8/2019 16:21

Lol...not where i am....first day of a two week holday in Costa Darado , Scorchio....a bit like this share....and OMI....not to mention a few others...Gla Holders....Howay the Lads....the Big man'z back...;-)