Union Jack Oil Share Discussion Threads

[currypasty] 24/9/2024 09:21

Union Jack Oil plc
@UnionJackOilplc
#ujo

We note the article published by Sharecast today stating the company's flagship project, Wressle, in the UK saw average production of 188,000 barrels per day during the period for the company.

That production figure, as attractive as it reads, was 188 bopd to Union Jack.

[likeawalrus] 24/9/2024 08:13

At year end, the Company's working capital balance was £2.2 million. The Board anticipates this is sufficient to maintain operations until the third quarter of 2025. As mentioned above, this does not include the anticipated costs of drilling, completion or abandonment obligations to the NSTA. If the Company cannot find an acceptable financing solution the Company may be forced to enter into an arrangement that would significantly dilute the Company's interest in PEDL 183. In addition, if the Company is unable to defer these commitments, the Company may lose its interest in the licence and may therefore be unable to continue as a going concern.

[likeawalrus] 24/9/2024 07:58

it feels like H2 2025 is probable - they have a 30.06.26 deadline

"The Company estimates that Rathlin's share of the cost of the commitments is approximately £9m." (as at 31.12.23)

...that's £2.25m per 1/6 which by the time they actually proceed could be £2.5m or more

[currypasty] 24/9/2024 07:46

lika, agree.. WN is still progressing through the process, will still be very valuable one day, but the rate they are going, we dont need to cough up for a while yet..
Probably Wressle second well up and running and generating cash long before.

[likeawalrus] 24/9/2024 07:40

winor, on the plus side UJO doesn't have to worry about £2.2m capex for WN anytime soon which means Bramhill should have spare cash to spend in the US

[likeawalrus] 24/9/2024 07:37

apparently DB posted this on X

There appears to be a little confusion expressed by a number of people who are having difficulty interpreting the half year accounts.

from a man who said "activity" at WN this year - yet section 23 suggests a very different timeline - by June 2026 ???

[winor] 24/9/2024 07:35

Thanks LAW. However,the bad news is that everything that might happen at WN seems to have slipped by two years to "By 30 June '26" or, in one case, to 30 June '27.

[likeawalrus] 24/9/2024 07:29

£2.4m cash as at 31.12.23 - a lot more than I expected so that's good news

[likeawalrus] 24/9/2024 07:23

Rathlin accounts available


...go straight to the last page - section 23 - these timings are NOT in the RNS

[likeawalrus] 24/9/2024 07:20

key points from Rathlin website - they still have a few permissions to navigate so it's likely to be several months more

The application has now been ‘duly made’ and the Environment Agency will review the detailed information submitted by Rathlin.

If the Environment Agency deems it appropriate to issue a permit for the operation, Rathlin understands that the Environment Agency will consult the public on the information submitted prior to issuing any permit.

Consent is required from the NSTA to conduct the reservoir stimulation.

The NSTA will check that permissions from other relevant regulatory authorities are in place, including appropriate environmental permits and planning permission as well as the HSE being notified of the proposed operation.

The timeline for the proposed operation will be determined as soon as all necessary regulatory consents are in place.

[rwells4474] 24/9/2024 06:11

Union Jack Oil plc (AIM: UJO, OTCQB: UJOGF), a UK and USA focused onshore hydrocarbon, production, development, exploration and investment company notes today's announcement from Rathlin Energy U.K. Limited ("Rathlin") regarding the West Newton gas development project, located within PEDL183, onshore UK in East Yorkshire.Rathlin, operator of the licence, has been informed by the Environment Agency, that its application on behalf of the Joint Venture partnership for the recompletion of the West Newton A-2 well has been 'Duly Made'.Union Jack holds a 16.665% interest in PEDL183.Highlights· The recompletion is designed to overcome well bore damage that was sustained during drilling and earlier drilling operations· This is a low-cost means of further derisking the sub-surface element of the West Newton project and gathering data to input into the design of a horizontal production well· The West Newton domestic gas development opportunity will form part of the transition to a low-carbon footprint for the UK's energy sectorFor the recompletion of the West Newton A-2 well to proceed, Rathlin is required to obtain consent from the North Sea Transition Authority and receive a permit from the Environment Agency.Union Jack is fully funded for the proposed recompletion.The full text of Rathlin's announcement can be found on its website: https://www.rathlin-energy.co.uk/latest-update/

[likeawalrus] 23/9/2024 16:38

talkman

the company is in good shape with exciting prospects in the US, a solid asset in Wressle and a fair amount of cash (although cash vs capex could be challenging in 2025).

I would like more transparency, timeliness and honesty from Bramhill but a leopard doesn't change its spots so that's just wishful thinking.

Is UJO a good punt at 15p ?
Yes it is, some short-term downside is possible/likely but not as risky as many other small oilers

[bionicdog] 23/9/2024 16:34

Good old Malcy.

[currypasty] 23/9/2024 16:32

have to agree with Chairman David Bramhill, there is much to be excited about at Union Jack and a great deal of that is down to the very wise call to diversify away from the UK and build a meaningful and exciting portfolio in the USA.

But the UK is not without exciting prospects, particularly at Wressle where recent news has been that planning approval looks like pushing on near term development and as Mr Bramhill says, provide revenues for another decade. Add West Newton and Keddington to that and the UK half of UJO has significant promise.

But it is difficult not to feel that the Government’s approach to the energy industry is at best blinkered, at least in that they cannot see that domestic oil and gas, particularly onshore, cannot be up there with the best in low carbon development and way better that imported alternatives.

Which means that shareholders should be mighty pleased with the US acreage and what it might bring to the party. But they should also be happy with what is likely to be a very proactive dividend and buyout policy which makes UJO a share with substantial upside in both capital and income perspectives.

[talkman2] 23/9/2024 16:10

Why would anyone be invested here ?

[likeawalrus] 23/9/2024 15:57

2 for 2 at the moment, hopefully with 3 more drills in Q4 we could be 3 for 5 or even 4 for 5...now that would get the share price moving!

[uggy100] 23/9/2024 15:48

So I see.! I'd accept 2 out of 3 Wells comingng in but I doubt I'll accept what DB says. I'll just have to wait for something more official as I now think he's an oaf.

[likeawalrus] 23/9/2024 15:30

sorry uggy I replaced my last post with a more positive one!

[uggy100] 23/9/2024 15:28

I don't know how the blogger can post that as the big question remains is how much oil is the Andrews field producing per day as of now ?

[likeawalrus] 23/9/2024 14:57

it all feels a little gloomy at the moment but we have 3 sites being drilled in Q4 in the US plus other US possibilities in 2025. It would be foolish to expect all 3 to be commercial but 2 out of 3 would be great.

Wressle data will be out next Tuesday followed by ok.gov data a couple of weeks after that which will be August data for A-1 and A-2.

I had hoped for a detailed update for Kedd but at least we have confirmation that "upgrades" are underway.

Wressle has a few hoops to jump through with NLC plus the EIA which will take a few months but planning went through with almost no opposition which is fantastic.

DB, if you read this please consider proper quarterly revenue statements which include revenue per Royalty and per well