Union Jack Oil Share Discussion Threads

[currypasty] 08/5/2024 17:46

kick off at bacon energy

[currypasty] 08/5/2024 10:03

“Progress continues apace to install the permanent production facilities at our Andrews-1-17 well in Oklahoma” after confirmation of a commercial success"

[currypasty] 08/5/2024 10:00

tomorrow



Date & TimeMay 9, 2024 05:15 PM in
DescriptionUnion Jack Oil is a cash-generative producer and investor using UK production and US Mineral Royalty income to build out a US royalty portfolio of large-scale resources in jurisdiction friendly regions to enhance shareholder value.

[currypasty] 08/5/2024 09:59

Post
See new posts
Conversation
Share_Talk ™
@Share_Talk
With Andrews 1-17 now a commercial discovery
@UnionJackOilplc
have the makings of a great base in the US with a top-quality partner. Obviously, testing continues but the rocks look good with plenty of upside and oil at 41 degrees API is what dreams are made of and sales are already underway.

The next move are construction of production facilities which is already happening and the associated gas will be monetised by adding further facilities. Whilst that is going on the follow up well Andrews-2 is being planned with the intention of drilling as soon as possible with no reason at all why it won’t be another success.

I don’t think the market has any real idea of what David Bramhill and the team are on to across the board at #UJO. Obviously, #Wressle carries a big weight in the valuation but in my view, there is also #WestNewton to bear in mind on the upside.

The move to the #USA though is without doubt the piece de resistance, investing this amount in the #UK would take years to come to fruition and a return might be small and decimated by fiscal greed. In the USA, returns are as we have already witnessed can be swift and substantial, state interference is minimal and profits are encouraged.

[ldbart] 08/5/2024 09:25

I'd be happy with that tbh. Minimum 0.5p

[likeawalrus] 08/5/2024 08:31

0.6 +/- 0.1

[ldbart] 08/5/2024 08:13

A 0.3p dividend per share was announced in March 2023.What are investors predictions for the next one?

[penciles2] 07/5/2024 16:09

Just call me shell after that update

[ldbart] 07/5/2024 12:54

All good questions ahead of the AGM on 27th June.

[likeawalrus] 07/5/2024 12:50

Wressle Wellsite Community Liaison Group
To receive a report about the community liaison group.
Rachel Smith read out the following report:
Production operations continue onsite with no accidents, nor environmental incidents. The site is well maintained and is recognised by the regulatory authorities as the standard by which other projects can be measured by.
Ground and surface water analysis (tested by a third party) is ongoing with no contamination evident and there have been no issues raised by the Environment Agency during their inspection process.
The site produces oil through a surface jet pump system and during the first quarter of 2024, production averaged 530 barrels of oil per day. round 3-4 tankers per day take the oil to the Conoco Phillips refinery at Immingham.
Three gas micro turbines have been used to utilise produced gas to generate electricity for site use.

Future Plans
Rachel thanked those who came to our drop-in session at the end of last year and explained there are plans for the site currently going through the planning process.
Egdon are planning to develop the site by drilling two additional production wells and a third to reinject any water produced.
One of these wells will target a gas formation and the gas will be exported to the local gas network via a new 600m underground pipe.
The Environmental Permit application will be submitted within the next week or so to facilitate these planned new wells.
The planning application was supported by a series of environmental and ecological studies that were carried out over a six-month period in the second half of 2023.
The Planning Application is publicly available as will be the EA Permit Application. Rachel provided some copies of the booklet which supported the event.
Following the conclusion of the statutory consultation period (10th May), Egdon hopes to receive planning consent by 17th June. The next phase of drilling could start in Q1 of 2025

[maxwell] 07/5/2024 09:36

Buying double selling but no great volume just a holding level - suppose MM’s very disappointed as probably hoped for a good cash return today on there cheap shares!

At least all as expected with further entrenchment progressing albeit at a faster pace than at home? Look forward to AGM & update on all fronts.

[kim_clay] 07/5/2024 08:46

https://seekingalpha.com/article/770081-equal-energys-forgotten-asset-the-hunton-formation

[likeawalrus] 07/5/2024 08:40

any idea as to how long that will take?

[cashandcard] 07/5/2024 08:35

Great update - commercial and already produced it's first revenues. If that well was in the UK, this would be a long way from producing.Also, given the Hunton limestone oil and gas production tends to experience gradual incline after cleanout, it's better they wait for plateau before reporting sustainable production rate ahead of any declines.Cash

[likeawalrus] 07/5/2024 08:27

rhein petroleum published this on their website 24th April regarding Beacon's well in Germany - if all goes well our BCE investment should be in profit in a few weeks

Heidelberg/Riedstadt – In the coming days, a drilling rig with a tower around 35 meters high will once again be on display at the Rhein Petroleum drilling site in Riedstadt-Goddelau. The Heidelberg company is installing an approximately 100 meter long branch in the lowest section of the existing “Schwarzbach 2” borehole. This ends a few meters further west in the same structure as the existing borehole.

“The tested production rates from the existing well do not do justice to the proven petroleum reserves in the Pechelbronn layers. The drilling fluid, which consists primarily of starch, has too tightly sealed the rock pores through which the oil flows into the production line in the immediate vicinity of the borehole. Therefore, the expected quantities of oil are not coming through,” explains Rhein Petroleum managing director Peter Appel. That's why a new entrance is now being laid at a depth of around 1,600 meters. He makes it clear: “The natural porosity, i.e. the permeability of the rock, is good. We are confident that the new short branch line at the end of the well will result in a flow rate that reflects the quality of the reservoir we encountered last August,” emphasizes Appel.

The drilling rig now in use is identical to the rig that was also used in the summer of 2023. The system is expected to be delivered and set up gradually in the first week of May. The actual drilling follows immediately and takes about two days. “The existing well will be used unchanged up to a depth of around 1,600 meters and will receive a newly drilled branch from there,” explains the Rhein Petroleum managing director. Immediately after the end of the drilling, the test production is prepared, including inserting the delivery pump. Appel: “Due to the excellent reservoir properties and the known data, we continue to be convinced that ‘Schwarzbach 2’ can produce significant quantities of high-quality domestic crude oil.” Heidelberg, April 24, 2024

[likeawalrus] 07/5/2024 08:24

I would like an update on the "monthly" income from the Royalties, we should have received 4 payments by now, so where's the transparency?

[ldbart] 07/5/2024 08:15

A very positive update. Production Testing and Clean-up is ongoing, but it would've been good to read some indicative flow rates and bopd.Now we're receiving revenue from it, I'm also looking forward to seeing that 3rd interim dividend.

[markfrankie] 07/5/2024 08:09

Looking good

[currypasty] 07/5/2024 07:57

numbers ha ha

[bionicdog] 07/5/2024 07:55

Some numbers would be nice.

[ashleyjv] 07/5/2024 07:09

7 May 2024

Union Jack Oil plc

("Union Jack" or the "Company")

Positive Andrews 1-17 Well Update



Union Jack Oil plc (AIM: UJO) (OTCQB: UJOGF), a UK and USA focused onshore hydrocarbon production, development, exploration and investment company is pleased to announce, further to the RNS published on 8 April 2024, a positive update in respect of the Andrews 1-17 well, drilled to test the West Bowlegs Prospect, located in Seminole County, Oklahoma, United States.

Union Jack holds a 45% working interest in this well, including an associated area on the licence.



HIGHLIGHTS

· The Andrews 1-17 well has been declared a commercial discovery

· Ongoing "test" production and well clean-up continues

· High quality oil being produced with an API gravity of approximately 41 degrees

· First oil sales have already been made

· The installation of permanent production facilities has commenced

· Site facilities are also being installed to allow gas production to be monetised

· A follow-up Andrews-2 well location is currently in the planning phase, in readiness for early drilling as a result of initial Andrews 1-17 success



The primary target for the Andrews 1-17 well, the Hunton Limestone ("Hunton"), one of the main hydrocarbon reservoirs in Oklahoma, was penetrated at approximately 4,200 feet, showing high porosity, elevated gas readings, with good reservoir quality being interpreted on the wireline logs. The total depth of the Andrews 1-17 well was 4,600 feet.

The Hunton is unconformably overlain by the main oil-prone source rock, the Woodford Shale and is in an excellent position for the migration of oil.

Testing of the Andrews 1-17 well is ongoing and further announcements will be made in the coming weeks after the well has cleaned-up and oil and gas production rates are optimised, following the installation of permanent production facilities.

Union Jack has now earned its 45% working interest across the associated licence area and going forward will only pay its working interest share of any future drilling and development costs.



David Bramhill, Executive Chairman of Union Jack, commented: "I am delighted that the first well of our drilling campaign with Reach Oil & Gas Company Inc is a commercial success.

"Stabilised oil and gas production rates will be published in due course, following the installation of permanent production facilities and the monitoring of the Andrews 1-17 well over a period of weeks.

"In an incredibly short space of time, the Andrews 1-17 well is contributing to our revenue stream and we await with high expectations on the result of our follow-up well, currently in the planning phase, targeting the same Hunton formation, a prolific hydrocarbon producer in Oklahoma."

[colinbicknell] 03/5/2024 18:59

Yet again we are have to make wild guesses and assumpions on timescales & next steps

Not called Mushroom oil for nothing !

[lageraemia] 03/5/2024 17:42

I said it was 'my suspicion' and not an assumption. None of us know, and that might include Dave.

I'd be surprised if we don't have an RNS Tuesday monring though.

[bionicdog] 03/5/2024 16:41

Beacon off to the races again.