Union Jack Oil Share Discussion Threads

[karina] 05/1/2023 16:43

Locals at Wressle are saying the gas turbines are up and running Pinch of salt as always but they are usually on the money

[maxwell] 05/1/2023 16:32

Looks like the MM’s have a new level to aim for irrespective of the buys & sells??

[currypasty] 05/1/2023 16:03

perhaps more important, and as expected there is no fall off in production, but the longer time to rns the next $1m was due to lower oil price and field shut down for the upgrades.


below is Heid question, and Mark abbot from EDR, the operator's reply

[wba1] 05/1/2023 16:03

The cost of 3 Capstone C65 turbines is circa £250k. That was the UJO net spend on Wressle upgrades in December meaning the total spend was £600k. I assume this means other significant work was done (even allowing for installation costs). Does anyone know what the other upgrades are?

[lageraemia] 05/1/2023 13:12

A massive fetid bellend I reckon.

[likeawalrus] 05/1/2023 12:46

thanks maxwell, it's a very encouraging summary from Vox, a much better analysis than their usual rehashing of the rns


View from Vox
Like clockwork, revenues from Union Jack's Wressle asset continue to climb, now at US$12m after reaching US$11m in mid-November, and US$10m in early October. This comes 16 months after operations at Wressle recommenced on 19 August 2021. Today's milestone further solidifies Wressle's status as one of the most productive conventional-producing UK onshore oilfields, set to become second only to Perenco's Wytch Farm.

Union Jack continues to be cash flow positive covering all G&A, OPEX, and contracted or planned Capex costs, including drilling activities or work programme commitments for at least the next 12 months. Union Jack remains debt free with unaudited revenues from 1 January 2022 to date in excess of £8.4m.

As of 2 January 2023, UJO's cash balances stood at over £9.9m, following a maiden special dividend totaling over £900k in December 2022, and recent Wressle site upgrades of £250k net. Union Jack's cash balance on 2 January stood at £9.9m, keeping the company's expenses covered through 2023, including G&A, Opex, and contracted or planned Capex costs. The company's cash balance remains strong despite distributing a maiden dividend in December of 0.8p/share (over £900k in total) and continuing site upgrades at Wressle. UJO shares are already up 3.25% YTD and up 88.7% in the past 12 months, as Wressle continues to outperform and West Newton shapes up to be a second home run for the company.

The company has also announced a share buyback programme that should result in an increase in EPS and improve UJO shares' trading liquidity over time. Today UJO
purchased 100,000 of its ordinary shares at 26.85p, adding to 700,000 shares already purchased to date.

[maxwell] 05/1/2023 12:32

Vox markets article :-

[likeawalrus] 05/1/2023 11:14

thanks bionic. hopefully egdon will have their new Wressle CPR soon (Q1?), it will be fascinating to compare it to the UJO GC R&R report

[bionicdog] 05/1/2023 11:03

Digging back into the GC report from what I can see.

[likeawalrus] 05/1/2023 11:01

has anyone read the new article from TW today? just wondering how he is attacking UJO this time

[ldbart] 05/1/2023 10:57

I can confirm that Wressle-1 production is NOT dropping off.Far from it in fact! We'll soon hear about the gas utilisation and INCREASED oil production.The field facilities were briefly stopped as part of the upgrade.Confirmation received verbally and in writing. As well as visually, thanks to Roofers' drone footage.

[bionicdog] 05/1/2023 10:08

Very true.

[lageraemia] 05/1/2023 10:06

At least the water cut won't double, unlike UKOG.

[triple seven 300] 05/1/2023 08:58

Indeed the BS should double from here

[likeawalrus] 05/1/2023 08:30

“Oil and gas companies must accelerate their efforts to electrify offshore platforms, stop flaring and address methane leakage.”

MA has stated that emissions from GTW are outside the scope of the 10t daily emission limit for Wressle yet GTW means burning gas to create the power. If these MPs are pushing for offshore flaring to be replaced with GTW, surely the emissions will be more or less the same unless GTW involves capturing them in some way?

[tnt99] 04/1/2023 19:50

Should double from here

[likeawalrus] 04/1/2023 16:02

curry I missed the last pump & dump as I got over confident (news was due on the WN CPR, the Wressle R&RR and the capital reduction), by the time I realised it was a pump & dump it was too late. I cant see it happening again until the WN drill is imminent, the rampers will go into overdrive and the share price will surge, perhaps that will be the time to top slice?

[currypasty] 04/1/2023 16:01

"Wressle continues to be the gift that keeps on giving, as the $12m of revenue in some 16 months shows and has to a great extent led to the distribution to shareholders via dividend or buy back, not to mention the operational funding of capex in the UJO portfolio.

These investments will lead to the company growing its substantial portfolio in coming years and makes UJO poised to grow revenue substantially in coming years and at 26p the shares are at a massive discount to the l’actualité. "

[currypasty] 04/1/2023 15:53

yes, i just need to sell some next time it goes on a run up

can someone remind me?

[digger2779] 04/1/2023 15:39

curry - that's some serious dosh you are throwing at this!