Union Jack Oil Share Discussion Threads

[burtond1] 19/1/2023 06:32

How much can the Ugly Duckling deliver for Union Jack Oil ask @TMSreach "...We are in a unique position. We were hitting record production and there's no sign of it going away. We believe it's a lot bigger..."https://total-market-solutions.com/2023/01/union-jack-oil-plc-jan-2023/

[lageraemia] 18/1/2023 20:16

Interesting medium term perspective on oil prices:

[1347] 18/1/2023 19:27

I'm worried about that Alien invasion now, what if they take out Greggs?

[lageraemia] 18/1/2023 18:24

Well, ERC Equipoise Ltd have produced CPR for both Waddock Cross and Whisby in the past 10 years.

[karina] 18/1/2023 17:55

My call is this is Stinky Pete or similarRead it again, ask yourself if you believe it's written by someone running a technical companyVery happy to be proved wrong though

[karina] 18/1/2023 16:42

I am calling BS on Ron having read his post again.....

[1347] 18/1/2023 16:05

I went to one of those Apathy Society meetings once to see what it was all about, but no-one else turned up. Then I tried the Anarchist Society, no-one turned up there either, it turns out they'd re-arranged the date but didn't tell anyone.

PS: I agree with Ron, although it's not quite a one company well, still getting a wee bit from the others but, as I've been banging on about for ages, why didn't they crack on and drill that side-track at Keddington, they've been using that studying sub-surface seismics as an excuse for three years now!

[currypasty] 18/1/2023 15:48

I would argue that the price recently went over 50p, with just the wressle producer. Many oilers, and other Companies rely on only one project for income stream.

Regarding flow/pressure decline curves. Could it be that we are choked back so much means we have not seen this yet, and it wont be until the full gas utilisation and ramp up in oil production that it could then be apparent?

It seems to me AIM oil and gas investment is a bit lacklustre in general, to say the least.
It would be good however to fast track the next well, while the going is good. I hope EDR can get a wriggle on.


While there is Investor apathy, it would surly make sense to push the buy back program, especially if management truly believe we are undervalued.

[karina] 18/1/2023 15:35

Mt thoughts exactly LAW interested in your thoughts Ron

[karina] 18/1/2023 15:32

In excess of 1000 bopd achieved in Dec 2022

*The microturbines will generate all site electricity & are expected to enable up to a 20% uplift in oil production

[likeawalrus] 18/1/2023 15:09

welcome Ron, I'm in no position to argue with your logic as I'm an investor and not an oil man, however Wressle has been on a very limited choke for over a year due to the emissions cap which limits production to about 800-825bpd based on 480k cf gas. Obviously all wells decline eventually but 14 months under a very restricted choke would surely prolong the no-decline period?

[lageraemia] 18/1/2023 15:04

Hi Ron! Welcome.

That sounds like a sensible rationale.

Do think that a second well could be drilled from the existing pad at Wressle, or will another site be needed to you imagine?

Also, is there any reason why the other intervals.reservoirs can't be perfed/completed from the existing well in future?

[oilymanron] 18/1/2023 14:52

Hi everyone. I have been following this for a while since I bought some UJO Shares, and made some money and received some divis. I know DB and my company has previously done a CPR for Nighthawk. My company does CPRs (and other oily/gassy technical work for operators) but DB has not asked me to do a CPR yet! (or EDR or Europa) The reason the share price is not going up is there is too much risk on one well producing ALL the cash. Also, Wressle is not behaving as most reservoirs/wells should. Production is NOT declining, but it should. Which is why the CPR previously commissioned had a reduction in production, which is replaced by an additional well next year. What UJO need to do is drill another producing well, ideally in another reservoir. Then there is redundancy. Oil and gas wells have an unfortunate habit of stopping producing oil or gas for reasons unknown (initially). and this is the risk reflected in the share price. of course the electricity production and increased oil production will help, but there remains a risk with only one well producing all the cash. I can provide technical details if required. My company has also done work on Waddock Cross and Whisby (NOT UJO, I know, but onshore UK). I hope this helps.

[lageraemia] 18/1/2023 14:35

The next capital spend at Wressle will be the big 1.75MW generator I presume, but that will rapidly unlock another step change in income from electricty sales, and totally deconstrain oil production from the W1 well.

Look for implied capital spending on the million dollar RNSs to see how close that is.

[likeawalrus] 18/1/2023 14:29

I suspect it will be a minimum of 900bpd, taking that as the baseline and say a poo baseline of $75 net, that means $27k per day and $1m every 37 days.

[lageraemia] 18/1/2023 14:09

My guess is around 950 (+/- 50) too Adam.

That's going to be about 50+barrels net to UJO which, coupled with a POO heading back to the 90s (should mitagte weaker dollar), Should accelate the cash build.

[likeawalrus] 18/1/2023 13:02

my guess is 900-950bpd

[bionicdog] 18/1/2023 12:48

Won't be that high.

[likeawalrus] 18/1/2023 12:24

1200bpd would be fantastic as that would mean $1m every 28 days at $75 net

[karina] 18/1/2023 12:21

production should be 1200

December was showing 1000 after the separator was put in

Turbines add up t0 20% on top

[likeawalrus] 18/1/2023 11:52

curry I think the catalyst for a re-rate will be confirmation from Egdon that the C65s are cooking on gas and production HAS increased by X bpd - within 2 weeks perhaps???

If we do get confirmation this month, it could be followed mid Feb by the $13m RNS as we now know that production is back above 800bpd plus poo is firmly above $80 (maybe 16th)

if production increases to 1000bpd that's $30k pd to UJO based on $75 net

[karina] 18/1/2023 11:44

You can have mine :-)

[archie222] 18/1/2023 11:38

HEY! Where's MY thumbs down?