Share Name Share Symbol Market Type Share ISIN Share Description
Union Jack Oil Plc LSE:UJO London Ordinary Share GB00B814XC94 ORD 0.025P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 0.1675 36,906,416 08:03:13
Bid Price Offer Price High Price Low Price Open Price
0.165 0.17 0.17 0.1675 0.17
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.17 -1.10 -0.01 26
Last Trade Time Trade Type Trade Size Trade Price Currency
11:25:33 O 1,000,000 0.1692 GBX

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DateSubject
22/1/2020
08:20
Union Jack Oil Daily Update: Union Jack Oil Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker UJO. The last closing price for Union Jack Oil was 0.17p.
Union Jack Oil Plc has a 4 week average price of 0.15p and a 12 week average price of 0.14p.
The 1 year high share price is 0.37p while the 1 year low share price is currently 0.08p.
There are currently 15,440,906,325 shares in issue and the average daily traded volume is 213,200,666 shares. The market capitalisation of Union Jack Oil Plc is £25,863,518.09.
01/1/2020
12:50
atino: (Quote 🙇‍♂;️) 2019 – disappointing year for many onshore oil and gas investors – DRILL OR DROP? Shareholders in most UK onshore oil and gas companies could be forgiven for looking forward to the end of 2019. The year saw share price falls averaging a third across eight companies reviewed by DrillOrDrop. Angus Energy, dubbed “Anguish Energy” by long-suffering shareholders, saw its share price collapse by 93% in 2019. Only two companies in our review posted share price gains over the year: Union Jack Oil up 33% and Reabold Resources up 5%. Both companies have an interest in the West Newton site in East Yorkshire, described by Reabold as “potentially the largest hydrocarbon discovery onshore in the UK since 1973″. The year continued the previous trend of lacklustre share performance in the onshore industry. Five of the eight companies we reviewed hit five-year lows in November 2019. Only one company, Union Jack Oil, saw its share price achieve a five-year high in 2019. The share price clearly matters to investors. But it also matters to the industry. For stock market-listed exploration companies it is the main way to raise money to fund new projects. If the share price is disappointing, investors may be deterred from buying new shares. What went wrong? Each company has its own story, but there are some common themes. Oil exploration in southern England has been more difficult than many investors had expected. Some wells have not performed to expectations, depriving companies of the income they needed for future operations. This forced them to issue more shares, which in turn depressed the share price. Gooseneck at Cuadrilla’s Preston New Road shale gas site, 20 August 2019. Photo: Ros Wills Shares in AJ Lucas, the largest investor in Cuadrilla, reached a 2019 high point on 22nd August. This coincided with fracking on the second well at Cuadrilla’s Preston New Road near Blackpool. But by the year end, after a series of earth tremors and a fracking moratorium announced by the government, the shares were down 67%. The wider gas exploration industry in the UK faced another threat in 2019 as wholesale gas prices halved, finishing the year at 29.8 pence per therm. This is currently significantly below the government’s central price assumption for 2020 of 48 pence per therm. The fall in price has been driven by various factors, including a slow-down in China and increasing competition between US shale gas exporters and Arab countries, such as Abu Dhabi. In 2017, Cuadrilla’s director Matt Lambert was reported as saying shale gas could be viable for his company with prices of 40 pence per therm. This raises questions over whether fracking can be economic in the UK at present prices. Low gas prices could also cause problems for Angus Energy, as it seeks to reinstate the flow of gas at Saltfleetby in Lincolnshire. The company’s cash flow projections, which assume a gas price of 50.3 pence per therm, could be significantly affected if the present low prices continue. https://www.google.co.uk/amp/s/drillordrop.com/2019/12/31/2019-disappointing-year-for-many-onshore-oil-and-gas-investors/amp/ In an update last year, Reabold Resources, a partner in Rathlin Energy’s West Newton B site in East Yorkshire, said a vertical well would be drilled at the site in the first quarter of 2020 and a second, horizontal well, in the second quarter. Site construction at West Newton-B has not yet started and DrillOrDrop reported in November 2019 that an archaeological survey would be needed first. Campaigners and investors are watching closely for a resumption of the well test on the second well at Rathlin’s nearby West Newton-A site. The test was suspended in August 2019 when oil, as well as the expected gas, was found. The partners in the project said the well test was being redesigned. The Environment Agency told campaigners in December 2019 that it had not been contacted about changes to the environmental permit. Egdon Resources has planning permission until December 2020 for its oil exploration at North Kelsey, in Lincolnshire, where no work has yet been carried out on the pad. The company’s annual report said: “Dependent upon securing a further farm-out, Egdon hopes to drill the North Kelsey Prospect in the next 12 months.” Union Jack Oil has been raising money to fund its share of a sidetrack well at Biscathorpe, also in Lincolnshire. The well, spudded by Egdon resources in January 2018, was plugged and abandoned after it failed to find the primary target formation. But Egdon later said there was a “likely presence” of quality oil in the Dinantian limestone indicating “proximity to an effective petroleum system”.
21/12/2019
12:22
atino: i keep tell’em... (...BE ON THE RIGHT SIDE OF...GOD DAMN...STATS !) 🙇‍♂;️ ☝🏻 REVIEW OF 2019 🤩😎 It has been another poor year for the Oil and Gas index within the Alternative Investment Market (AIM) in the UK. After so many disappointments in 2019, regrettably, I have thrown in the towel when it comes to investing in these shares after the latest UKOG placing at 0.85p and a series of drilling disappointments e.g. I3 Energy and Hurricane Energy. The risks are not insignificant and there have been many examples recently where the private investor is the last to know about a placing or upcoming well disaster. Leaks appear to be rampant and the funding of small cap oil has only got harder in 2019, which means heavier and heavier discounts on placings. Oil and gas small-cap remains firmly out of favour (as shown in the performance of AIM Oil and Gas against AIM all share 2016-2019), as it has for the last few years as Brent crude oil bounces between $50-70. Even the mega-cap oil companies aren’t finding it easy, for example, Royal Dutch Shell said it would miss Q4 estimates and made impairment of $2,3 billion due to US shale investments and other factors. For mid-tier producers saddled with too much debt and operational issues, like Tullow Oil, share prices have gone only one way in 2019. See https://contrarianinvestor.net/posts/2019/12/16/glut-in-2020-and-beyond-indicates-that-soft-oil-prices-here-to-stay Then there are the peculiarities of investing in AIM oil and gas. Funding the operations of these small companies is a constant challenge for their CEO’s. Either they resort to constant discounted share placings or work with financing houses like YorkVille Associates (YA) which flood the market with shares in exchange for a loan. Unless a company is very lucky with a drill and revenues are forthcoming quickly, the endless dilution makes for a very uncomfortable share price performance. The traditional farm-in model where larger companies with cash in hand, invest in smaller fields, has become more difficult as they have become more cautious and more demanding of higher returns in this era of sub $100 oil. I3 Energy, for example, has struggled to get a farm-in partner for its Liberator field and this will only get worse after the latest drilling disappointments (though there was good news on Serenity). In summary, AIM oil and gas investing is not for the faint-hearted and remember its “buy and research”, not “buy and hold” with these stocks! Focus on news flow and funding requirements in 2020 e.g. chance of placing, well tests (extended well test), well results, CPR (Competent Persons Report) and reserves report (which opens the door to reserves based lending). What is the chance of success (COS) for a wildcat well? And remember things can go wrong even for a well with a high COS e.g. I3E Liberator. Some examples of oil and gas performance in 2019 Investors in oil and gas at the beginning of 2019 have had a roller coaster ride on news flow in the following companies. All the companies featured below are way below their 52 week highs. The lesson is these are not buy and hold stocks, but those that are best-traded pre and post news flow. Money can be made on RNS related swings, pre-drilling and so on. But share price falls are linked to discounted placings and drilling dusters. From the list below, only Union Jack oil and Petro Matad would be in the money if you’d bought at the beginning of the year, but you would have been better to sell on spikes. Some shares like Angus, which started the year at 11.52p and now are trading at 0.88p have been pretty disastrous for investors, but I3 Energy and Hurricane Energy haven’t been much better in 2019! - UK Oil and Gas (UKOG), 52 week high 1.92p, current share price 0.93p, Jan 2 1.43p (down 35%) 👉🏻😉 Union Jack Oil (UJO) 52 week high 0.38p, current share price 0.16p, Jan 2 0.12p (up 33%) - Hurricane Energy (HUR) 52 week high 65p, current share price 31p, Jan 2 44.8p (down 26%) - I3 Energy (I3E) 52 week high 66p, current share price 12.5p, Jan 2 39.2p (down 68%) - Petro Matad (MTAD) 52 week high 10p, current share price 3.2p, Jan 2 2.4p (up 33%) - Angus Energy (ANGS) 52 week high 12.94p, current share price 0.88p, Jan 2 11.52p (down 92%) dog poem rudyard kipling
20/12/2019
10:02
atino: UJO – News Updates On 18th December 2019, the company announced the update on the Extended Well Test. The test was being conducted at the West Newton A-2 well. This well is situated in East Yorkshire within the PEDL183 license area. The company said that Extended Well Test operations in the West Newton A-2 well were suspended in August 2019. Approval from the regulators for restarting EWT are being sought. On 29th November 2019, the company announced that 3,333.3 million new shares were issued during the month ended 30th November 2019. The company further said that it didn’t hold any shares in treasury and that the total issued shares are 15,440.9 million of 1 pence each till 29 November 2019. UJO – Financial Highlights 🙇‍a94;️ On 23rd September 2019, the company announced its interim financial report for the six months ended 30th June 2019 through a press release. The company’s revenue stood to £76,409 in H1 FY2019 as compared to £73,044 in H1 FY2018, an incline of 4.6 per cent. The gross loss amounted to £44,633 in H1 FY2019 as compared to £17,522 in H1 FY2018, an increase of 154.7 per cent. The company’s total administrative expenses stood at £441,976 in H1 FY2019 as compared to £402,469 in H1 FY2018. The operating loss increased to £486,609 in H1 FY2019 as compared to £419,991 in H1 FY2018. The loss before taxation increased to £484,068 in H1 FY2019 as compared to £418,759 in H1 FY2018. The company’s basic & diluted loss per share remained stable at 0.01 pence in both H1 FY2019 and H1 FY2018. UJO – Share Price Performance On 19th December 2019, at 10:18 AM GMT, while writing, UJO share price was reported to be trading at GBX 0.16 per share on the LSE, flat compared to the previous day’s closing price, which was reported to be at GBX 0.16 per share 😳 On 29th August 2019, the shares of UJO were GBX 0.38 🙌 which was highest and reached to GBX 0.076 on 20th March 2019, which was lowest in the last 52 weeks. The company’s market capitalisation was reportedly valued to be at GBP 24.32 million as per the share’s current market price. The stock outstanding of the UJO share has been reported to be at 15.44 billion 🤦‍a94;️🤦‍♂ᥧ9;🤦‍♂️㊃8;‍♂A039;👎ㇿ5;, and the free float has been said to be at 13.48 billion. 100% rise now needed (...to recover lost ground!) 🙆🏻‍♂️😳🙁
09/12/2019
15:09
mynameiskhan: Wressle will generate $3m/yr to UJO. Of course, this will have big impact on ujo share price especially sentiment will be back.
21/11/2019
18:49
atino: Loser shirts 👕??? SPEAK FOR YOURSELF 4STA 😤...not for “My Atino” 😉👍 (...he wears...the “BOSS PLAYER” t-shirt 😍) TEAM BLUE 😎👊🏻 🙌 (Quote 🙇) Contrarian Investor Portfolio Review November 21 2019 Many blame 😂Exec chairman, David Bramhill, but the release of the RNS on Friday afternoon was clearly forced by the leak and talks for a placing have been been going on this week. The uncertainty means that shares have been beaten down to 0.16p at the close yesterday, compared with around 0.3p early on the morning of November 11th. Despite good news from the planning meeting at Wressle (news due around Christmas and expected to be positive) and the volumetric upgrade at West Newton, the share price has been hammered by big sellers and placing uncertainty. The institutions taking place in the placing will get their pound of flesh with Union Jack and private investors are the ones who have been screwed over by the leaks. DB flagged that funds would be needed to fund West Newton, Biscathrope and Wressle, but it was clear that the good news flow was intended to give a higher base for a placing. It didn’t happen and now with a £5 million placing it means that 3.1 billion extra shares (assuming at 0.16p 🤦‍♂;️ LOL). Total shares in issue are currently 12,107,572,999 (12.1 billion) with a market cap of £19.3 million. So for existing shareholders, it will be major dilution at this share price. At twice the share price, half the number of shares would have been issued i.e. around 1.5 billion. But it was not to be and a disappointing state of affairs. Contrarian Investor sold on the West Newton volumetric spike 😅😂🤣🤣 9315;😱ԅ63;😳😳; (...hahaha - another one ☝🏻 OUR PRIVATE WRITER HAS BAILED LOL 😂) and despite a few trades on the moves post the placing announcement I remain out of the shares awaiting the final placing result and aftermath. Once the dust settles and the placing is done and new shares listed, the news from Wressle and West Newton should move things higher, but a bitter pill for private investors who bought in on the volumetric news at over 0.25p. Egdon in their Final Results RNS November 19th said: “Wressle (PEDL180/PEDL182: Egdon 30%) has the potential to add 150 bopd to the Group's production. In January 2019 the Planning Inspector upheld our appeal to extend the existing planning consent for the Wressle site until 24 January 2020. The extensively revised development proposals for the Wressle oil discovery were refused planning consent in November 2018 despite a recommendation for approval from the Council's own professional planning officer who had the benefit of a positive assessment by specialist independent technical consultants appointed by NLC. We strongly believe that the revised proposals fully and comprehensively addressed the reasons for the refusal of the original planning applications and the subsequent appeals and the Group therefore appealed this latest decision in January 2019. The public inquiry in respect of the appeal against this refusal was held between 5 and 7 November 2019. Egdon was able to present its case in an effective and robust manner led by Hereward Philpott QC. NLC did not present evidence at the public inquiry having withdrawn its case in respect of this appeal following agreement of acceptable planning conditions during July 2019. We now await the decision of the Inspector which will post-date the 12 December election date due to the government "purdah" period. Should approval be forthcoming, Egdon will need to discharge all planning conditions prior to commencing sites works and would hope to have first oil production some 6 months after a decision. During June 2019, the OGA granted a two-year continuation of the Second Term of PEDL180 and PEDL182 to 31 August 2021.” Another issue is Humber and the Biscathorpe prospect. Egdon Resources has said that Humber Oil & Gas defaulted during the year ended 31 July 2019 and that legal proceedings have been taken against them. “Elsewhere in PEDL253, Humber Oil and Gas Limited has failed to remedy a default in relation to payments due under the Joint Operating Agreement ("JOA") and the farm-out agreements. The remaining joint venture partners have enforced their rights under the JOA default provisions and separately have commenced proceedings to recover the sums owed.” The “poor quality reservoir” referred to below is a little unsettling but it looks like a sidetrack of the suspended Biscathorpe-2 well is on the cards once the funding issues caused by Humber are sorted and UJO have the placing funds to meet their obligations. https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EDR/14313012.html Egdon Resources , "During 2019 the Company completed the drilling of the Biscathorpe-2 exploration well. The primary target reservoir at Biscathorpe was absent at the well location and the play concept remains untested by the well. However, in July 2019 Egdon was able to upgrade the Biscathorpe-2 well result, confirming the likely presence of a 35 metre column of good quality oil within the Dinantian Limestone interval, which despite poor reservoir quality, is indicative of proximity to an effective petroleum system and validates the potential that exists within PEDL253. Further technical work is planned prior to deciding the next steps for the project which could include a sidetrack of the suspended Biscathorpe-2 well. " The leaker of the placing news is being investigated and I’m sure we will know more in due course. There will be a lot of action at WN in late Q1 and Q2 2020 as the new well activity kicks off. Let’s see what happens with the Humber Oil and Gas default at Biscathorpe and planning at Wressle before the end of 2019. Metro Bank (MTRO) Current Share price 233p, Average holding at 245p The Metro Bank share price has moved up positively in the last few days from the 210p range to 220-230p as the shorts continue to close. Hedge Fund, Whitebox Advisors , based in Old Bond Street in London has bought back shares to close their short of 0.5%, and Odey Asset Management are down from 3.65 to 3.35%. Overall shorts are below 10% at 9.27%, with a falling trend. This explains the volatility over the last few days as the shorters attempt to buy back stock to close their positions. Clearly news of some sort is imminent. Is it the deal with another bank or perhaps the result of the FCA investigation? Bank stocks are economically sensitive and with Boris and the Conservatives looking like they might get an overall majority, the risk of a no-deal Brexit and the chaos it would cause to sentiment is receding. If a smooth Brexit is executed in 2020, financials will recover on a relief rally and I can imagine Odey etc. are mindful of this. Either way at this share price, Metro Bank offers an excellent short term and longer term trade. I’m topping up on the dips, but the direction is higher. UK Oil and Gas (UKOG) - current share price 1.02p, Average holding share price 1.10p Plenty of activity at Horse Hill with the HH-2z horizontal well due to start flowing shortly. An Oil and gas separator has now arrived on site. Will the well deliver the expected 1000-1500 bopd flows? Unlike many, I am confident, hence increasing holding as the share price remains stuck below 1.05p. News flow within the next week or two is guaranteed and initial flows (at a choked level) will be interesting as well as the extended well test during the remainder of 2019. Who would have thought 1p, prior to the horizontal well result at Horse Hill, no sign of Broadford Bridge style hysteria and in fact too much pessimism. https://www.google.co.uk/amp/s/contrarianinvestor.net/posts/2019/11/20/contrarian-investor-portfolio-review-november-21-2019%3fformat=amp
08/11/2019
22:38
atino: Union Jack Oil welcomed the results of further testing work by partner Egdon Resources that confirmed the presence of hydrocarbons at a UK exploration well. Union Jack held a 22% interest in... SP Angel today reaffirms its buy investment rating on Union Jack Oil Plc (LON:UJO) and raised its price target to 0.55p (from 0.44p). Story provided by StockMarketWire.com Broker Forecasts data... Union Jack Oil said it had raised £2.3m from a share issue to fund a well test in the third quarter of 2019, and provide additional working capital. New shares in the company were issued at 17p... Union Jack Oil welcomed positive results from an appraisal well at the West Newton prospect in the UK. The company owned a 16.7% stake in the related licence. A substantial hydrocarbon... UK Oil & Gas said it had completed the previously announced acquisition of the interests of both Europa Oil & Gas and Union Jack Oil in a UK exploration licence. The acquisition of their... Union Jack Oil booked a full-year loss, owing to higher administrative expenses and impairment charges. Pre-tax losses for the year through December amounted to £1.1m, compared to losses of £0.7m... UK Oil & Gas said it had agreed to up its interest to 67.5% in an exploration licence in southern England. The company had agreed to acquire both Europa Oil and Gas and Union Jack Oil's... Union Jack Oil said it had raised £1.8m via a placing to progress its prospects in the UK. New shares in the company were issued at 0.075p each. 'We are grateful for the continuing investor... Union Jack Oil confirmed that an appeal had been lodged against a council decision in Lincolnshire to refuse planning consent for the development of the Wressle oil discovery. Union Jack said the... Egdon Resources and partners including Union Jack Oil and Europa Oil & Gas confirmed that UK regulators had approved an extension of the existing planning consent by a year for the Wressle... Union Jack Oil confirmed that it had signed a farm-in agreement with Canada's Connaught Oil & Gas for a UK onshore field that contains the West Newton discovery. Union Jack Oil acquired a... Union Jack Oil said it had agreed terms with Canada's Connaught Oil & Gas for the acquisition of a stake in a prospect in East Yorkshire. The company would farm-in for a 16.667% interest in... Raymond Godson, Non Executive Director, bought 11,764,705 shares in the company on the 3rd October 2018 at a price of 0.09p. The Director now holds 30,764,705 shares. NOTE: Subscription for new... Joe O'Farrell, Executive Director, bought 35,294,117 shares in the company on the 3rd October 2018 at a price of 0.09p. The Director now holds 204,281,826 shares. NOTE: Subscription for new ord... Union Jack Oil booked a deeper first-half loss as higher expenses developing its prospects offset a rise in revenue. Pre-tax losses for the six months through June amounted to £419k, widening... Union Jack Oil confirmed that lawmakers had decided not to renew a lease at an oil prospect in Surrey in which the company held a 7.5% stake. The operator, Europa Oil & Gas, had announced that... Union Jack Oil said well-site construction would be completed during September for the drilling of a convential well at the Biscathorpe prospect in England's east. The Biscathorpe-2 will would... Union Jack Oil said it had acquired a further 12.5% stake in licences containing the Wressle discovery and the Broughton North prospect from Celtique Energie Petroleum for a deferred consideration... Union Jack Oil said it welcomed a UK government statement that reiterated that shale-gas developments were of national importance ahead of a looming review of permitting rules. The government was... Union Jack Oil said its annual losses narrowed slightly, as higher revenue was offset by costs associated with acquisitions and oil field development efforts. Pre-tax losses amounted to £747k,... SP Angel today reaffirms its buy investment rating on Union Jack Oil Plc (LON:UJO) and set its price target at 67p. Story provided by StockMarketWire.com Broker Forecasts data provided by... Union Jack Oil said work-over work had improved production rates at the Fiskerton airfield oil asset near Lincoln, of which it holds a 20% interest. Production was approaching 30 barrels of oil... David Bramhill, Chairman, bought 11,764,705 shares in the company on the 5th March 2018 at a price of 8.50p. The Director now holds 63,929,285 shares. NOTE: Subscription Story provided by... Joe O'Farrell, Executive Director, bought 58,823,529 shares in the company on the 5th March 2018 at a price of 8.50p. The Director now holds 168,987,709 shares. NOTE: Subscription Story provided... Union Jack Oil said it had agreed to raise its interest in a South Humber Basin prospect in the UK by 10%, taking its total holding to 22%. The asset, called PEDL253, contained the Biscathorpe... Union Jack Oil said it expected to submit a new planning application for the Wressle discovery in the UK by April. Production of 500 barrels of oil per day was expected from the development, the... Union Jack Oil said the UK's Planning Inspectorate has rejected an appeal against planning refusals for the Wressle oil discovery. North Lincolnshire Council had refused to allow the project's... Union Jack Oil said the UK Oil and Gas Authority has approved its acquisition of a 20% economic interest in an oil licence near Lincoln. Licence EXL294 contains the producing Fiskerton Airfield... Union Jack Oil has agreed to acquire a 20% interest in a licence containing the producing Fiskerton Airfield oilfield from Egdon Resources for £137,000. This figure includes a pro rata share of... Union Jack Oil has acquired an onshore hydrocarbon portfolio in the UK from Cairn Energy subsidiary Nautical Petroleum for £25,000. Union Jack has also assumed all further financial costs for the... Union Jack Oil reported it is fully funded for the planned drill programme including Holmwood-1 and Biscathorpe-2 wells and further production acquisition. HIGHLIGHTS - Further acquisition to 15%... Union Jack Oil has confirmed that the Environment Agency has issued the environmental permits for the planned Biscathorpe-2 conventional exploration well operated by Egdon Resources on PEDL253 in... Union Jack Oil said Egdon Resources will appeal without delay after the North Lincolnshire Council`s Planning Committee refused planning consent for the second time for the development of the... Union Jack Oil notes North Lincolnshire County Council's Planning Committee will meet on Monday, 3 July to determine the new planning application for the Wressle Development. The new application... Union Jack Oil said the Oil and Gas Authority (OGA) has now approved its acquisition of a further 3.33% interest in PEDL180 and PEDL182 from Celtique Energie Petroleum Ltd. These licences... Union Jack Oil notes today's update by Egdon Resources regarding the issue by the UK Environment Agency (EA) of the variation to the Mining Waste Permit in respect of the proposed Wressle... Union Jack Oil has widened its FY pretax loss to £0.89m, from a year-ago loss of £0.59m. Revenue was £22,119, from nil. Executive chairman David Bramhill said 2016 was a year that Union Jack's... Union Jack Oil has agreed with Celtique Energie Petroleum Ltd to acquire a further 3.33% interest in PEDL180 and PEDL182. Union Jack currently holds an 11.67% interest in both licences. Following... Union Jack Oil has raised about £1.4m in a placing of 1.03bn new shares at a price of 0.135p each. Proceeds would be used to increase Union Jack's interests in existing licences within its... Union Jack Oil notes a release by Egdon Resources that North Lincolnshire County Council's planning committee has refused planning consent for the development of the Wressle oil field at Lodge... Union Jack Oil said the Oil and Gas Authority (OGA) has now approved the acquisition by the company of a further 3.34% interest in PEDL180 and PEDL182 from Europa Oil & Gas Ltd. These... Raymond Godson, Non Executive Director, bought 5,000,000 shares in the company on the 10th October 2016 at a price of 0.20p. The Director now holds 19,000,000 shares. Story provided by... Union Jack Oil (UJO) has agreed with Europa Oil & Gas Ltd to acquire a further 3.34% interest in PEDL180 and PEDL182. These licences contain the Broughton North Prospect situated in PEDL182... Union Jack Oil has raised £700,000 gross via a placing of 411.8m shares at 0.17p each. Intended proceeds would go to further expanding the company's portfolio through the acquisition of interests... Union Jack Oil has narrowed its H1 pretax loss, and said it is well placed with a number of development, appraisal and drilling projects underway that were fully funded from available cash... Graham Bull, Technical Director of Union Jack Oil (UJO) (LSE: UJO) will be making a presentation at the Shares LIVE Show in London on 10th September 2016. Shares LIVE is a one day investment and... Union Jack (UJO) said all resolutions at its annual general meeting today were duly passed. At 11:59am: (LON:UJO) Union Jack Oil Plc share price was 0p at 0.15p Story provided by... Union Jack Oil has agreed with Egdon Resources to acquire an 8.33% economic interest in PEDL182, in Lincolnshire on the western margin on the Humber Basin containing the Broughton North Prospect.... SP Angel today reaffirms its buy investment rating on Union Jack Oil Plc (LON:UJO) and raised its price target to 0.67p (from 0.63p) 🤦‍a94;️
17/10/2019
15:46
atino: 🙇 Meeting with Dave Bramhill – Exec Chairman of Union Jack Oil (LON:UJO) – Share Talk Great to meet the Executive Chairman of Union Jack Oil (UJO) this morning for breakfast in Bath, for an informal get-together and chat. As a shareholder, I was keen to talk about some of the company’s prospects for the future and share with the contrarianinvestor.net readers. Just to be clear and transparent, I own shares in Reabold (RBD) and UJO but am not paid by UJO or any associated companies and do not have any links with Mr. Bramhill or the board of directors. I am of the opinion that West Newton is looking very promising, but not entirely without risks as is the case with any oil drilling campaign, anywhere in the world. The West Newton project (WN) been endorsed in The City by the £24 million Reabold Resouces (RBD) placement this week at just a 12% discount in this horrible market for IPO’s and placings. Reabold (RBD) Placing RBD’s placing of £24 million was placed at 0.9p with investors this week and the majority of the proceeds are intended to be used to meaningfully increase Reabold’s interest in Rathlin Energy UK Ltd, to fund and accelerate the permitted, two well work programme, assess and process seismics and conduct testing at the West Newton project and provide the required funding for the IM-2 well. Also exercise the existing option in Danube Petroleum Ltd. Reabold (RBD) in essence,and subject to the general meeting on October 29th, own 75% of Rathlin Energy (UK) , through a £16 million cash investment and a £7 million equity swap with existing Rathlin shareholders. The deal could fail to be passed at the EGM but this would be highly surprising! As ever, DB was tight lipped about anything not in the public domain, but rather usefully the RBD placing documents give out a lot of information which informs shareholders what a super prospect that West Newton is. With a lot of imminent news flow from West Newton, Wressle, Biscathorpe and Keddington and it’s exciting times for DB and the team as well as shareholders. Looks very promising! Funding On the issue of funding for UJO’s 4 major prospects West Newton, Biscapthorpe, Wressle and Keddington. The bulletin boards are ablaze with “speculation of imminent funding and a placing”. From the budget shown in the RBD document, funding will be required for West Newton at some point, but given the RNS news flow expected from DB and UJO, the placing is unlikely to be in the short term at the current share price (subject to general stock market conditions of course!) 😂🤣🤦‍♂;️. The company had around £2.8 million in cash at September 20th 2019, and no debt at the moment and the company is close to that position as of October 11th. The West Newton B well will cost around £6-7 million, assuming that Reabold / Rathlin decide to drill a horizontal rather than vertical well (with production of 1000-1500 bopd). The RBD documents say that the WN-B well is planned End Q1 2020, but it could be sooner. A drilling rig costs around £25,000 a day. A placing will come 😜 and is necessary to do work on the 4 projects 😅 but it is unlikely to be imminent 🤦‍a94;️👎🏻. News flow will mean that a placing can be done at a higher price than now in October. DB was of course unable to give me timings. I would expect a lot higher share price than 0.2p. DB was clear – Any placing will be value accretive to the company and investors. CPR and EWT on West Newton Analysis of the data from the West Newton A well is ongoing. Volumetrics and oil quality data for the project are being done. This takes time to get it right! The fact that RBD got their placing away in this market at a 12 percent discount speaks volumes about the likely result. As DB said, “its important to get a CPR right. You can’t rush these things! Once the analytics are finished by the third party, the CPR will be released”. Once the audit by the analytics company is complete, A Competent Persons Report (CPR) will be issued to define resources and once the EWT (Extended Well Test) is complete, a reserves report will be available. The Extended well test at West Newton will start in late November according to RBD, but it could start earlier or even be delayed once the analytics on the volumetrics are completed. WN is of carboniferous geology so oil can flow at very high rates, especially if using horizontal wells. Highly reassuring for investors! West Newton is a 176,000 acre licence with many potential West Newton lookalike prospects, so there may be other exciting wells not just WN. All carboniferous. Wressle Planning Inquiry The Wressle planning inquiry is due to start on November 5th. Critically, the North Lincs council have withdrawn all evidence. The expectation is for a 3-4 day meeting maximum, as all major objections to planning have been dropped. Is there any risk? According to DB, Egdon have done everything they can and are fully prepared and have met all statutory regulations as highlighted by the previous Planning Inspector. Biscathorpe Prospect The historical seismic data for the Biscathorpe prospect was unreliable in hindsight. Initial results from the well drilled in February 2019 were very disappointing as it did not intercept the main prospect. New analysis of the seismics is being completed by a French company and will allow optimal drilling and should inform the JV of the optimal drilling position..Albeit, incoming new results indicate that the well was in fact more interesting than originally believed, with oil being recovered from chip samples, showing the presence of a significant oil column. DB and UJO are very optimistic. The British Geological Survey (BGS) estimated the East Midlands and surrounding area could hold around 7 billion barrels of oil and less than 10 percent has been recovered to date. Leaving massive upside for future drills. Expect news in the “near term”. DB believes the area could be very exciting. Watch this space! FINAL COMMENTS “The RBD documents for the placing, should give UJO investors all the information they need to know. The volumetric analysis is being finalised.” Contrarian Investor’s estimate is Q1 for West Newton CPR and start of WN-B, hopefully a horizontal, around the same time or just after. The partners in West Newton are taking their time to get things right and the placing by RBD puts everything in place. The news from Wressle planning in early November should be positive and watch this space for Biscathorpe and Keddington. I am certainly not selling UJO or RBD after this morning’s meeting! As DB says there are risks “don’t put your entire pension in” but things are looking good. The partners in WN, Egdon and Rathlin are strong and board of UJO is top notch. As I said before, Contrarian Investor is 100 percent independent of UJO and DB. Contrarian owns shares in both. Timings Summary (CI estimates) West Newton Extended Well Test November 2019 CPR Jan/Feb 2020 WN B Spud March 2020 (could be earlier or later) Wressle Planing inquiry November 5th – November 9th 2019 Biscathorpe New seismic assessment October – November 2019
15/10/2019
11:21
currypasty: Steffy - Stefania Barbaglio Retweeted Heid Wressle production will represent a key milestone for #UJO this will massively re- rate UJO share prices. I am looking forward to seeing the progress on #WestNewton and update on #Biscathorpe. This is a 1p game min. Steffy - Stefania Barbaglio added, Heid @Heid_oil Wressle is getting set for the big event .. 🎺..🇬🇧 Make Union Jack Oil a profitable company #UJO planning inquiry begins 5th Nov.
04/8/2019
13:25
atino: Let's see....how [and by how much!] your..."PAID FOR SERVICES" (LOL)...has RAMPED...you's all up by 😤🙇‍♂️😉 [Snippet] • On the back of this successful appraisal well result we feel comfortable reducing our risking on West Newton and also including a contribution from the liquids column to our valuation. We are resuming research coverage with a DCF-based target price of 0.55p/share, or nearly 3x the current share price. It should be stressed that we believe there remains considerable upside from here, albeit subject to the outcome of the EWT. •The EWT is expected to give much greater clarity on the quality of the liquids as well as the reservoir characteristics. Moreover the deeper Cadeby Reef target also had hydrocarbon shows and will be further tested by a future appraisal well, likely the West Newton B well, and potentially before the end of the year as it already has planning permission and funding. West Newton B is located some 2 kilometres south of West Newton A-2. •In terms of what investors should be looking for from the EWT which should commence around early to mid-August, we understand that a conventional vertical carbonate well with appropriate porosity and permeability could flow at rates of approximately 100 – 150 bopd which could translate into 5 – 8x that amount in the context of a future long-reach conventional horizontal development well. •The original budget for the West Newton A-2 well was £4.6 million, with UJO liable for £1.15 million of this. It is understood that the well took around 50 days to drill and core versus the original estimate of 40 days, although it was still completed within budget. The over-run was largely down to the extensive coring and logging that was undertaken on the well. • The operator of the licence, Rathlin Energy, has commissioned Deloitte to prepare an updated Competent Persons Report (CPR) to incorporate the results of West Newton A-2 and the upcoming EWT. This could see a material increase in the NPV10 from the >$300 million that Rathlin estimated for the West Newton project prior to drilling the success at West Newton A-2. • In terms of future prospectivity on the PEDL183 licence, it should be noted that the West Newton structure covers an area of around 4,800 acres, within a licence of 176,000 acres. The company believes there is significant upside in the remainder of the acreage, with a number of exploration prospects significantly de-risked by the result of this well. • UJO also has a 27.5% stake in the Wressle discovery in nearby licence PEDL180/182, which is an ongoing oil development project. Whilst relatively small (2.5 million barrels of 2P + 2C), the project could generate valuable cash flow for UJO in 2020 if planning approval is granted. • Following the £2.25 million equity raise announced on 28 June, the company is now in a strong position to progress West Newton. The company is now fully funded for the EWT, which should commence in early to mid-August. The estimated cost of the flow test net to UJO is around £0.7 million and initial results could be as soon as late August 😉🙇‍♂️ • Valuation: On the back of this successful appraisal well result we feel comfortable reducing our risking on West Newton and also including a liquids column element in our valuation. • This has the impact of increasing our target price from 0.44p/share previously to 0.55p/share, or nearly 3x the current share price 😂. It should be stressed that there remains considerable upside from here, subject to the outcome of the EWT. Conclusion: Whilst there are still questions to be answered around this successful appraisal well following the original West Newton discovery, the appraisal well is causing considerable excitement for the joint venture partners and their investors, and rightly so. This could be one of the most significant onshore discoveries made in the UK in years, if not one of the largest ever. With the EWT commencing in August, there could be a material near-term catalyst for the UJO share price. An updated CPR fully incorporating the results of the coring, well logs, re-mapping of the reservoirs and the EWT in Q3 or Q4 could provide a further catalyst. There also remains the possibility of a West Newton B well being drilled before year-end, targeting further upside from the Kirkham Abbey gas and liquids discovery as well as the deeper Cadeby Reef exploration prospect that is a 79 million barrel oil target. *SP Angel acts as Nomad and Broker to Union Jack Oil PLC http://unionjackoil.com/wp-content/uploads/2019/07/SP-Flash-note.pdf
11/7/2019
06:31
markfrankie: SP Angel Flash NoteToday 04:54 best estimate contingent resources of 189 bcf of gas and an NPV10 in excess of $300 million. Following the successful drilling of the well the likelihood is that this estimate will increase substantially, especially if it is liquids-rich. The well itself encountered a substantial hydrocarbon accumulation within the Kirkham Abbey primary target, with a net 65 metre hydrocarbon interval. Below the gas target that was confirmed on logs, coring and logging of the well also confirmed a significant liquids column (presumably light oil or condensate). The EWT is expected to give much greater clarity on the quality of the liquids as well as the reservoir characteristics. The deeper Cadeby Reef target also had hydrocarbon shows and will be further tested by a future appraisal well, likely the West Newton B well, and potentially before the end of the year as it already has planning permission and funding. The budget for the West Newton A-2 well was £4.6 million, with UJO liable for £1.15 million. It is understood that the well took around 50 days to drill and core versus the original estimate of 40 days, although it was still completed within budget. The over-run was largely down to the extensive coring and logging that was undertaken on the well. Following the £2.25 million equity raise, the company is now in a strong position to progress West Newton. The company is now fully funded for the EWT, which should commence in early to mid-August. The estimated cost of the flow test net to UJO is around £0.7 million and initial results could be as soon as late August. On the back of this successful appraisal well result we feel comfortable reducing our risking on West Newton and also including a liquids column element in our valuation. This has the impact of increasing our target price from 0.44p previously to 0.55p, or nearly 3x the current share price. It should be stressed that there remains considerable upside from here. This could be one of the most significant onshore discoveries made in the UK in years, if not one of the largest ever. With the EWT commencing in August, there could be a material near-term catalyst for the UJO share price. There also remains the possibility of a WN B well being drilled before year-end, targeting further upside from the Kirkham Abbey gas and liquids discovery as well as the deeper Cadeby Reef prospect that is a 79 million barrel oil target
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