Union Jack Oil Share Discussion Threads

[1347] 16/12/2024 16:27

You can bet your bottom dollar that if there were good news they'd be tweeting it from the rooftops. So far all they've done is drilled 3 wells for not very much oil.

[kim_clay] 16/12/2024 12:56

I've now spotted from the ok gov website under the qualifying tax rate tab, the date of the first test production. In OK you only pay state tax on production at 5% for the first 3years, after that it's 7% so the date is recorded. The Andrews-1 date was 17th April. This fits with the release on 8th of April that the testing would commence within 14 days. So now we know that from 17 April to 31st May, not covered by the ok gov monthly reports the well produced around 3000bbls, that's an average of around 70 bbls/day. The same production tax date for Taylor is 2nd of December, which fits with "early December" from the 26th Nov release. This means on the face of it that the well has been production testing for the last 14 days, and so I would think they may already have early testing results

[kim_clay] 16/12/2024 12:08

I don't think that's going to happen until they have Taylor flow rates. The declining production and the fact it's now principally a gas producer means payback at Andrew will take much longer than expected, and may not even pay back the 1.2mm invested to date. Simply releasing that information (which I'm sure they would argue they have already in effect disclosed) ahead of possible positive results from Taylor would not be a good PR move.

[uggy100] 15/12/2024 22:37

What we need is clarification from DB on the numbers rather than being forced to try to work it out for ourselves.

[kim_clay] 14/12/2024 11:48

Uggy/Law: I've taken all the ok gov reported data to end Oct for A1 and A2 which together with the info from the 29 Oct release pretty much tells the whole story, the 3086bbl difference for oil is likely the initial " pre production test flow " from the wells. This suggests an initial strong flow rate which fits with the company reporting over 100bbs/day flow rate early on at A1. Using 70usd/bbl, and 2.50 usd/mcf, the Andrew revenues net to the company's share would be:"Pre production" - 98k usdJun 50.4k usd, Jul 48.2k usd, Aug 43.9k usdSep 36.5 usd, Oct 22.9 usd.Total to end Oct 300.6k usd.We don't yet know if Octobers reported production was down due to natural decline or if there were upgrades and downtime during the month. Nov will probably answer this.

[markfrankie] 13/12/2024 18:33

I've met David a few times and ujo is his baby, he wants it to grown and grow into a very successful company

[uggy100] 13/12/2024 14:06

And that bsg is exactly why he needs to go.

[bsg] 13/12/2024 13:53

I think all that Bramhill is worried about is keeping him self in the manner he's accustomed to.

[1347] 13/12/2024 13:29

Was he duped by Reach or were shareholders duped by Bramhill? Both!

Is it simply the case that he is happy to take high risk gambles when he's using company money? Yes!

[likeawalrus] 13/12/2024 09:35

uggy I remember Heid saying that Bramhill likes the horses, perhaps that's the problem, is he a gambler at heart??? beacon, elep, ukog, andrews, taylor, even a punt on BP last year

[uggy100] 13/12/2024 09:32

law, it looks like zero dd by Bramhill. We don't pay someone a huge salary to be had over by Reach. Surely his position is untenable ??

[likeawalrus] 13/12/2024 08:21

a very interesting analysis of stripper wells in the US.

Reading articles like this, I have to wonder if Bramhill did due diligence?

Was he duped by Reach or were shareholders duped by Bramhill?

Is it simply the case that he is happy to take high risk gambles when he's using company money?

[likeawalrus] 13/12/2024 08:01

...here is my post from 26.11.24. I calculated that Oct oil would be 525, in fact it's only 497. Not sure why my gas calculation is so far off.


29.10.24 The successful, now predominantly gas producing Andrews 1-17 and 2-17 wells, forming the Andrews field, in which Union Jack hold a 45% working interest, have to date produced 8,765 barrels of oil and 20,221,000 cubic feet of gas.

23.09.24 Since being placed on restricted and periodic test production during late May 2024, the Andrews 1-17 well has produced 7,052 barrels of high-quality, ultra-light oil with a gravity of approximately 46 degrees API and additionally 6,407,000 cubic feet of gas since early August 2024

23.09.24 Since being placed on restricted and periodic test production in early August 2024, the Andrews 2-17 well has produced 1,014 barrels of oil and 3,656,000 cubic feet of gas

23.09.24 8'066 bls + 10'063 mcf
29.10.24 8'765 bls + 20'221 mcf

so in approx. 36 days 700 bls + over 10'000 mcf gas

...this suggests Oct gas is about 8'700 mcf (10% more than Sep)
it also suggests Oct could be about 525 bls for A-1 & A-2 (just 17 bpd combined)

[tnt99] 12/12/2024 22:41

How green is that?????

[tnt99] 12/12/2024 22:40

Would you do much in the uk if you were paying 78 per cent tax on any profit made till 2030 I believe Government killing the oil industry and would rather import the countries needs when we have it under our feet

[1347] 12/12/2024 16:19

You call extending timescales & doing even less work progress?

[maxwell] 12/12/2024 16:00

50k+ bought & 4k+ sold today, so far - not exactly setting the industry alight? But then it has to remember who! it is progressing the massive site!

[likeawalrus] 12/12/2024 13:26

released today - all about WN

[likeawalrus] 12/12/2024 10:11

thx lager, I guess it's a pre-requisite otherwise it would had been declared commercial - a fascinating industry, always more to learn!

[lageraemia] 12/12/2024 10:06

I think it means that the additional expenditure was a good bet or future commerciality based on logging.

Compared with say a Rockhopper appraisal drill in the Falklands from the good old days, by now we'd have numerical values for porosity and permeability, probably downhole pressure comparisons with analogous wells confirming continuity with the rest of the reservoir and possibly a flow rate in barrels per day from a drill stem test because the well flows naturually.

They should know the prorosity and permeability and pressure, and know the hyrdocarbon phase and its characteristics (gravity and rough GOR) by now I imagine....but then again I'm a doctor not a oilfield engineer lol.

[likeawalrus] 12/12/2024 09:38

the Taylor RNS of 26.11.24 says "Production casing has been run and cemented...."
Is that a pre-requisite to determining if the well is commercial, or would they only do that if they have already determined it was commercial? thx