Union Jack Oil Share Discussion Threads

[markfrankie] 18/4/2024 10:05

As the toon mentioned some time ago... any update on North Kelsey? Pls ujo

[markfrankie] 17/4/2024 15:47

Think my Highest buy was 0.22p = 44p , did buy a load down low though.
Best of luck everyone

[maxwell] 17/4/2024 14:29

Couple quick sells happening per good profit from 15p for those having funds etc…. But I need over 40p to even get handy!!!!!

[ashleyjv] 17/4/2024 14:20

News on the new well next week

[ashleyjv] 17/4/2024 14:16

I need 28p

[ldbart] 17/4/2024 13:59

About even now

[bionicdog] 17/4/2024 13:26

Blinkin' flip , anyone in profit?

[likeawalrus] 17/4/2024 13:02

Hopefully they will let me know what they find - I will post any updates

I have just done a quick calculation, for Nov/Dec/Jan to av. 530 bpd, the December number would have to increase from 439 bpd to 520 bpd

the new data would be Nov. 458 bpd, Dec 520 bpd, Jan 609 bpd

[bionicdog] 17/4/2024 12:51

"erroneous"? Who do they think they are?
I would have said "wrong".

[likeawalrus] 17/4/2024 12:16

Reply from EOG

Production from 1st November 2023 through to end January 2024 averaged 530 bopd, and coincidently, production from 1st January 2024 through to end March 2024 also averaged 530 bopd - i.e. average well production has been relatively steady over both these periods.

On the back of your message, we have now contacted the Operator to query the NSTA reported figures as we believe the production reported via NSTA for December 2023 is erroneous, thank you for bringing that to our attention.

[maxwell] 17/4/2024 10:39

From Zeus extract :-
2023 results, which are now scheduled for 20 May. The company has previously paid out special dividends based on its Wressle cash flows, and we would expect any further payment to continue to balance shareholder returns. And UJO recently reported the successful initial result of its Andrews-1-17 well on the West Bowlegs prospect in Oklahoma. In the coming weeks we expect the result of flow testing activities on this well, on success potentially heralding new production volumes and drilling opportunities for the company.

Forecasts and valuation. We have adjusted our forecasts to reflect the Q1 Wressle production outturn, and timing of the new Wressle drilling programme (where we move new volumes into H2 2024). This leaves our 2023 numbers unchanged, and our 2024 numbers adjusted but we do not yet include the expected 2024 dividend payment in our numbers. Hence Our total risked NAV remains unchanged at 75p.

[plasybryn] 17/4/2024 10:09

SP ANGEL this morning/ Buy Note has been issued. This is just the conclusion.

"No change to our BUY rating and 66p/share TP
We think the shares have traded sideways over the last 6M partly due to delays to the UK drilling programme, which management has now diversified by acquiring material interests in US projects with near term drilling catalysts. Investors can look to benefit from this uptick in investment activity in both the UK and US over the next 12M, which should add tangible value on success and provide investors with significant potential for value creation on success."

*SP Angel acts as Corporate Broker and Nomad to Union Jack Oil

[likeawalrus] 17/4/2024 09:57

GP as I have pointed out the Nov-Jan NSTA data does not reconcile to EOG's statement. I have emailed EOG asking for clarification.

I believe UJO's 530bpd is correct for Q1 2024, however with 609bpd for Jan this suggests production dropped off significantly in Feb/Mar.

[greypanther2] 17/4/2024 09:44

Hello LAW. The NSTA data for the Nov '23 to Jan '24 Quarter is based on data that was provided by Egdon / Heyco, and these are presumably the figures that are reflected in Europa's interims for the six months to 31 Jan '24. However, in today's UJO Q1 figures I assume they are talking about their Jan to March '24 quarter since, unlike Europa, they have a 31 Dec year end. All the best, GP.

[lageraemia] 17/4/2024 09:41

I', delighted they've cleared up the water disposal issue and associated cost implications.

One less thing to worry about.

[dan de lion] 17/4/2024 09:13

Hopefully some news next week on the Andrews well, 14 days are up on Monday.

[likeawalrus] 17/4/2024 09:05

yes Interims as at 31.01.24 but the 530 bpd does not tally with the NSTA data for nov/dec/jan which averages 502 bpd

[currypasty] 17/4/2024 08:57

thats a point

[monet] 17/4/2024 08:52

EOG are only reporting to January because it's their official interims.

[likeawalrus] 17/4/2024 07:58

my LSE post

I'm confused...is 530 bp the av. for nov/dec/jan as EOG says, or Q1 as UJO says?

Europa says "Over the three months to January 2024, after the completion of the jet pump installation at Wressle, production has averaged over 530 boepd (net 160 boepd to Europa), which is above the forecast upside case from the recent independent technical report"

UJO says "Production for Q1 2024 averaged circa 530 barrels of oil per day (gross) with an average water cut of 24.3%, which is easily disposed of at a nearby facility at negligible cost"

[ashkv] 17/4/2024 07:50

Brent: $89.50
UJO Share Price: 22.50p
SP Compared to 52W High of 33.1p on 21 June 23: -32.02%
SP Compared to 52W Low of 14p on 28 Mar 24: 37.78%
Total Voting Rights: ( ) 106,565,896
Market Cap GBP: £23,977,327
GBPUSD: 1.25
Market Cap USD: $29,971,658
Total (GBP) Net Cash + Inv + Rec (12 Jan 24):[Sub USA Inv - 28 Mar 24) £9,450,000
Total (USD) Net Cash + Inv + Rec: $11,812,500
Enterprise Value (EV) (USD): $18,159,158
UJO Wressle Q1 24 Production (40% of 530 boe/d): 212
EV/BARREL-USD : $85,656

[likeawalrus] 17/4/2024 07:48

I am very pleased to be wrong about the timing of the Q1 data!

Jan 31 days @ 609bpd

Q1 91 days @ 530bpd

therefore Feb/Mar averaged 489 bpd

[cashandcard] 17/4/2024 07:31

Excellent update. Wressle still going strong, for now.I suspect there might another deal or two lined up in the US.Cash