Union Jack Oil Share Discussion Threads

[currypasty] 20/5/2024 18:15

"With cash being thrown off and the company being debt free it has just announced 0.25p per share in the way of a dividend and a great deal to come all across the portfolio in the next year or two. The shares are far too low and the longer they carry on like this the more attractive they become. "

[maxwell] 20/5/2024 16:27

Good number of trades today although volume pretty low for most…….

[currypasty] 20/5/2024 16:09

I downloaded the whole report from ujo website, but didnt see much comment about buy backs going forward, other than they will be one of the agm resolutions

[likeawalrus] 20/5/2024 16:05

I wonder if we will see some buy-backs in the run up to the AGM or is the divi the "sweetener"?

[thetoonarmy2] 20/5/2024 15:58

Curry Fancy getting a bus trip organised to go and see old Bramhill take a party pack though.

[currypasty] 20/5/2024 13:36

5 weeks before AGM to get shareprice up...

thinking of getting a coach party of PI's to attend

[currypasty] 20/5/2024 13:35

Notice is hereby given that the Annual General Meeting (the
“AGM”) of Union Jack Oil plc (the “Company”;) will be held
in the George White Suite at The Bristol Hotel, Prince Street,
Bristol BS1 4QF on 27 June 2024 at 11.00 a.m

[likeawalrus] 20/5/2024 10:58

if wressle is producing a steady 500bpd at $70 pb net of opex, that's about $425k pm, throw in 10bpd from Kedd - another $21k, plus US Royalties and Andrews, maybe $3m for H1 ?

[currypasty] 20/5/2024 10:15

so how many months was Wressle shut down in those results?
Going forward are we hoping for much better interims now?

[likeawalrus] 20/5/2024 09:39

fyi - not only has UJO failed to write-down or write-off the ELEP investment, they have increased the valuation due to the exchange rate

[likeawalrus] 20/5/2024 09:09

The Company has other receivables which are accrued royalty income of £35,142. Union Jack has a management agreement with Reach whereby Reach obtain all the royalty payments whilst Union Jack obtains its USA bank account. Union Jack has its internal Revenue Service number and the bank account application is being processed.

...this is good news as UJO clearly wants to build a war fund in USD

[likeawalrus] 20/5/2024 09:01

Bionic, my Royalty post is incorrect, the number should be £192'215

the reason for this error is that, although the US Royalties were bought in Jan 2024, UJO has included a purchased accrual of £35'142 in the 2023 accounts, this £35k is NOT part of the NS Royalty as I thought. imo this is not the prudent* way to account for the US Royalties - any accountants out there?

*the prudence concept is well defined under UK GAAP

[likeawalrus] 20/5/2024 08:43

Modelling indicates that infill drilling is forecast to improve recovery from the Keddington field by between 113,000 to 183,000 barrels of oil, depending on the reservoir permeability model selected and the combination of infill targets.
The sub-surface location of a step-out well has been finalised and it is planned to drill the well, where planning consent is already granted, when the Operator deems
appropriate. There are plans to upgrade the production equipment at Keddington during 2024, the result of which is expected to increase efficiency and production rates


"when the Operator deems appropriate"
...no explanation as to why it wasn't side-tracked in H2 2023 as previously stated

[likeawalrus] 20/5/2024 08:35

20.09.23 RNS - Union Jack holds 430,000,000 ordinary shares of no par value in Beacon representing 3.22% of Beacon's issued share capital following completion of the company's recent fundraise.

Beacon Energy plc
The Company is the beneficial owner of 430m (2022: nil) ordinary shares in Beacon Energy plc, which represents a 3.22% (2022: nil) interest in that company at year end. Payment for 333m of new shares acquired was by means of a subscription at a price of 0.15 pence per Subscription Share, for total consideration of £499,500. The additional 97m balance of the holding was purchased for £152,660 at an average price of 0.157 pence per share

The rns inferred the 430m shares were purchased through the placing yet the Finals seem to indicate some bought in the open market - not important other than once again DB issued a misleading RNS

[likeawalrus] 20/5/2024 08:28

BP plc
The Company was the beneficial owner of 25,000 (2022: nil) ordinary shares in BP plc, a company registered in England and Wales, a non-representative interest in that company. The shares were purchased in June 2023 for £118,012 and disposed on in July 2023 for £118,725. The share were purchased as a short term investment.

[plasybryn] 20/5/2024 08:18

SP AngelWe have updated our financial forecasts and NAV to reflect recent corporate updates and FY23 results and reiterate our BUY rating and 66p/sh target price.

[likeawalrus] 20/5/2024 08:17

NS Royalty

having dissected the numbers it seems the Royalty was sold for £227'357 vs a purchase price of $130k (£92'610 as at 31.12.21) making a 145% profit so DB did very well on this.

[likeawalrus] 20/5/2024 08:04

West Newton PEDL183 6,137,178 + £447k (2022 5,689,647)
Biscathorpe PEDL253 3,666,898 + £621k (2022 3,045,506)
North Kelsey PEDL241 422,012 + £94k (2022 328,101)

that means Rathlin spent £2.682m on WN last year of which £1.788m is paid by Rathlin. This is a major drain on their cash, leaving them with under £1.5m imo. It begs the question what the hell did they spend £2.7m on?

£621k for our share of Bisc - same question?

[plasybryn] 19/5/2024 15:13

Is it results tomorrow?

[cashandcard] 16/5/2024 21:51

CP,Sheesh, those some big tanks. Bring on the production!Cash

[wba1] 16/5/2024 15:16

February production data for Wressle has now appeared on the NSTA site. 468 bopd in February compared to 609 bopd in January. Given the Q1 average of 530 bopd in the 17/4 RNS this implies March production of circa 510 bopd. Water cut seemed fairly stable January to February. Whilst I would like to see more it implies a stable income (subject to oil price stability) of circa $0.5m per month to UJO from Wressle only, which should easily cover all company costs and leave some for other matters. It will be interesting to see if (1) there is further recovery in bopd as seems to have happened in March and (2) when further progress happens on the other Wressle developments.

[likeawalrus] 15/5/2024 15:17

thx for the pic curry - I wonder if the raw gas is piped to a refinery or if it's cleaned and piped into the grid? I suspect it's the former but I havent seen a US equivalent of a FDP. Perhaps for on-site power too?