Union Jack Oil Share Discussion Threads

[lageraemia] 27/8/2024 08:01

I read that as a comparison with nearby well on the same reservoir regardless of driller/operator.

[likeawalrus] 27/8/2024 07:57

thx GP, I came to the same conclusion. It's difficult to confirm DBs claim without knowing what he considers "nearby" and without having wells to check... but I'm sure he knew that when he wrote the RNS :)

[greypanther2] 27/8/2024 07:42

Hi there LAW. I think you must be correct in saying that no "Reach well at any time had produced 4500 bls in a single month", which would be about 150 bopd. However, I'm not clear whether Mr Bramhill was comparing Reach's latest Andrews well with other Reach wells or, more likely in my opinion, with other non-Reach wells in the vicinity. I'm suggesting this because it looks to me as if the two Andrews wells were Reach's first wells in the immediate vicinity. All the best.

[likeawalrus] 26/8/2024 17:12

I have had a close look at the OK.gov data for Reach, during H1 2024 Reach had 18 sites with oil production of which 13 reported oil for June.

Bramhill made a point of comparing Andrews to nearby wells that initially produce 150 bpd - the 2024 data shows zero evidence of that with their other wells. The best performing wells by far are Brooks (44bpd in Q1, zero Q2) and Palmer (av. 2064 bl per month in H1 or 68bpd).

I found zero data to indicate any Reach well at any time had produced 4500 bls in a single month - of course I dont know whether any of these wells are considered "near" to Andrews and he may not have meant Reach wells, he may have meant other companies.

What would be considered "near" in this context?

[bionicdog] 25/8/2024 14:29

Indeed. I wouldn't mind if there were some other posts , but every one is a link.

[tonynorstrom1] 25/8/2024 14:24

Click on Cat33 and check out whats he’s posting and on what BB’s. It’s clear that Cat33 is Oilman Jim and he’s peddling his paid news letter again - keep it in mind folks!

[bionicdog] 25/8/2024 13:50

Every single post , every one.

[maxwell] 24/8/2024 08:12

Link of interview with Proactive:-

[likeawalrus] 23/8/2024 08:20

06.06.24 email from Andrew Law

I am the case officer dealing with this planning application.

At the present time I am unable to give a specific date that the application will be determined. I am currently in discussions with the applicant to resolve some outstanding matters, I will then have to prepare a report and recommendation. At the present time the planning application is a delegated item, meaning that it can be determined by officers without needing to be referred to the planning committee for a decision; however this could change prior to a decision being made.

Any change in status of the application will be updated on our website.

I hope that this has clarified the current position of the application. I apologise that I cannot be more specific on timescales at this time.

09.08.24
the only objection (Archaeology) was confirmed as resolved

04.09.24 - next planning committee meeting by NLC

Andrew Law said "I will then have to prepare a report and recommendation."

I'm guessing the "report and recommendation" is for the Planning Committee, does that sound right?

[likeawalrus] 22/8/2024 20:32

although the company is in very good shape, investors know they can always buy shares more cheaply in 2 or 3 or 4 weeks, I suspect that mentality will continue until we have a good reason to believe the share price is on a sustainable upward trajectory

[uggy100] 22/8/2024 19:45

I don't understand the constant drip in the share price as we are clearly building up the portfolio.

[likeawalrus] 22/8/2024 12:00

sp dropping just picked up 10k at 17.6p hopefully just a blip

[currypasty] 21/8/2024 15:15

"North Sea Oil Producers Warn of Mass Exodus"

[cashandcard] 21/8/2024 14:34

Likeawalrus,The royalties returning 10% pretty quickly is likely linked to high initial production. Which would have tailed off after a couple of months. But if they can achieve 20-25% in year 1, not too shabby. But following years will witness the long slim tail of cashflow scenario.Cash

[likeawalrus] 21/8/2024 13:00

lager what's odd is DB stated at the end of Jan the Royalties had already return 10% and now says 20% after 7 months...hmmm

perhaps he bought them with a significant accrual - the 2023 Finals state US Royalty income of £35,142 despite buying them in Dec & Jan

[lageraemia] 21/8/2024 12:58

With regards the royalties supposedly returning 20%+ (not defined by presumably annualised) on a £600,000+ outlay by UJO, that should be adding £120-150k income per year to the P&L.

Neither trivial nor blow out, but goes a good way towards covering G&A expenses.

[likeawalrus] 21/8/2024 12:54

yes DB has said he will give a detailed analysis of the Royalties in the Interims... but he also said he would provide quarterly data for Wressle, he did for Q1 but not for Q2. Anyway, lots to look forward to across the pond...in time Wressle may become a sideshow

[cashandcard] 21/8/2024 12:31

Likeawalrus,The results will do all the talking. Should be in a few weeks similar to lastyear - get some proper meaningful figures.Cash

[guesswhosback2] 21/8/2024 12:24

Im not sure what value the Royalties hold? If its a few thousand pounds then I guess its not top of the list? Maybe Ive missed something. The list of positives is long, so long even Curry got excited and he doesnt do excitement.

Maybe its the clever delivery of the 'suprised' comments that annoys me. I think its good commentary but it comes across as a deramp. Its an easy way of delivering the message and then defending it with a get out. Great tactic for an election but in here its not really going to do much other than drag us into a chat.

Maybe thats good too.

[likeawalrus] 21/8/2024 11:34

"And not forgetting the revenue producing Mineral Royalties and our UK production."

7 months of Royalties but no transparency

UK production - no news from UJO for Q2, only what we get from NSTA

[currypasty] 21/8/2024 11:26

@UnionJackOilplc
#ujo $UJO #ujogf #OTCQB

In just 8 months of 2024, what's not to like?

* Andrews 1-17 well produces 6460 barrels of ultra-light oil
with an API of 46 degrees
* Andrews 2-17 free-flowing, 184 bopd recorded, substantially
restricted choke implemented
* All drilling and completion costs paid from existing cash
resources
* Oil and gas sales made to market from both wells
* Two new wells to be drilled Q4 (Taylor and Moccasin) both of
which hold considerable upside, costs will be paid from
existing cash resources
* Diana-1 well ro be drilled following the drilling of the Taylor
and Moccasin wells
* Rogers secondary recovery project, indicative future gross
revenues at prevailing oil prices of approximately US$7.5M
and an IRR approaching 80%
* Company intends to appoint a USA based stockbroker to
reinforce its recent initiatives in establishing an investor base
in the USA
And not forgetting the revenue producing Mineral Royalties and our UK production.

[lageraemia] 21/8/2024 11:13

To be fair Toon, the release of detailed financial information (like about the royalties) this close to the results is unlikely.

The big resource companies release separate production/operational and financial quarterly statements.

This weeks mega RNS was a good detailed operational update. I hope that the financial update next month will be on a par.