Union Jack Oil Share Discussion Threads

[currypasty] 24/12/2024 08:05

good, i hope they dont open for weeks

[likeawalrus] 24/12/2024 07:38

morning all - the market closes at 12:30 today

[penciles2] 23/12/2024 10:12

Revenues certainly drying up

[likeawalrus] 23/12/2024 08:56

the only amendment is the cash. H2 income about $1.8m from Wressle and best guess $200k from the US, less G&A & capex, cash may be up about £500k over 30.06.24

...so about £3.6m-£3.7m as at 31.12.24

£3.15m 30.06.24
£1.55m H2 revenue
less £500k G&A (guestimate)
less £500k capex (guestimate)

[thetoonarmy2] 23/12/2024 08:22

LAW.
You said it all can’t really add to that.

[likeawalrus] 21/12/2024 10:21

at the end of last year there was so much to be excited about in 2024, Bisc, Wressle Kedd, WN, then in Jan/Feb Royalties and US jv's...as we enter 2025

Bisc is screwed
Wressle planning screwed (hopefully temporary)
Kedd - not being drilled
WN - rotflmao
Royalties - just ramping, little transparency
Andrews - "major success"? no! massively over-ramped, huge disappointment
Taylor - squeaky bum time
Moccasin - being drilled in Q4 (fat chance)
Diana - being drilled in Q4 (no chance)
Rogers - no updates
East Shawnee - no updates
Beacon - massive fail
Elephant Oil - still not written off despite a massive fail
cash at bank - dwindling
Bramhill's salary - rock solid
Transparency 5/10, Timeliness 4/10, Ramping 10/10

share price 31.12.23 19.75p versus today 10p

...but don't worry...

The Board is optimistic that in the medium-term, Union Jack will experience exceptional growth assisted by its expanding portfolio of multiple cash-generating projects in the UK and USA.

[markfrankie] 20/12/2024 19:59

I normally say merry Christmas but don't feel too merry looking at our sp

[1347] 20/12/2024 16:04

How to make a million on AIM, start with £10 mllion..

[likeawalrus] 20/12/2024 12:41

a year ago I took a good look at JOG but decided it was significantly over valued at 210p - perhaps my time investing in UJO has been useful after all, JOG currently 48p, I dodged a bullet!

[currypasty] 19/12/2024 11:58

could it be a DIY rollover , connected to the 135k?

[maxwell] 19/12/2024 11:31

Someone sold 100k shares and the market makers have panicked?… knocked the co value back by 1/2 mill to try and encourage etc. The sun is out here & a glorious day.

[likeawalrus] 19/12/2024 10:30

1347 after 8 years of investing in small oilers I am thoroughly disillusioned with the way these companies use AIM to line their pockets at the expense of shareholders. Plus of course all the smoke & mirrors, half-truths and lies in RNSs.
I'm waiting for a reasonable exit point for several investments, unfortunately it never comes so I expect I will cut my losses in 2025 and accept them as the price for a very expensive education. I wish I had never heard of ujo!

[maxwell] 19/12/2024 09:57

Must be many drill rigs sitting in a car park somewhere near a Sainsbury’s

[likeawalrus] 19/12/2024 09:44

09/23
Agreement has been reached between the partners to drill a side-track well at the earliest opportunity at Keddington, for which planning consent is already in place. A final well trajectory has been decided upon and procurement of the rig, materials and services is progressing. The well, if successful, will add considerably to production.

...the only UK site with permission to drill is Kedd, they lauded the opportunity for 3 years, planned the side-track for H2 2023 (2nd or 3rd time?) but did nothing. It was months later that we were told a side-track had been downgraded to "upgrades" with no explanation or apology.

Kedd remains the ONLY site with all permissions in place, why wont they drill it???

[cashandcard] 19/12/2024 09:34

Whilst there maybe questions around production levels, what we can say is the seismic data and models in the JV area are on point. One of these will eventually deliver a surprise, an unexpected outsized return. There is always an element of luck baked in. Tony Booth of Encana/Encore oil used to say you need to have plenty of cheap but meaningful shots to maximise chance of success.

It's important to keep the bigger picture at the forefront. The strategic pivot to the USA has been an important turning point in UJOs history. When you have redEd wrecking our oil and gas industry - Trump has opened the gates to US oil and gas investment and will continue to treat it favourably.

The only hope for UJO in the UK is the second Wressle well. Apart from this, the rest of the UK portfolio (WN included) is substandard. Would much prefer to see non-Wressle monies earmarked for USA or other, non-operated, overseas expansion.


Cash

[archie222] 18/12/2024 20:44

Yup, probably as bright as the last three years chart..

[digger2779] 18/12/2024 16:40

But but the future is bright

[likeawalrus] 18/12/2024 09:22

some of us remember that old interview chestnut "Where do you see yourself in 5 years?". So what's the future for UJO?

Wressle - a great little producer but slowly tailing off. Expansion may happen but will be very expensive and could be delayed by legal challenges.

Keddington - unknown upgrades with unknown upside

Bisc - never going to happen imo

WN - the never ending story, a small chance of progress in 2025 but success is not in the RBD/Rathlin playbook

US Royalties - almost zero transparency but a relatively liquid secondary market

Andrews, Taylor, Moccasin etc - stripper wells with a medium term pay-back at best. Dusters will push overall payback even further out

...all this against a background of a very hostile government and a fat-cat taking £398k pa. My feeling is that within 2 years Wressle will be circa 200 bpd (80 bpd net to ujo), Bisc will be dead, WN will be a huge waste of money and US assets will be struggling to repay the investment.

So what to do - I say if major success doesnt come along within 2 years, UJO should sell the US assets back to Reach, sell the Royalties and sell the UK assets to Heyco - wind up the company and distribute the cash to shareholders.

[likeawalrus] 17/12/2024 10:31

toon, we may get a short-lived spike when they announce the headline rate for Kedd - Bramhill will of course announce a big bpd number due to the well being shut-in for 7 months. My understanding is that the build up of pressure will give a good bpd result, but one that wont be sustained for long - we know Bramhill wont explain that!