Union Jack #UJO has announced the acquisition of a further 3% of PEDL 253 which contains the Biscathorpe project as well as the signing of a legally binding and confidential settlement with Humber Oil & Gas. The 3%, acquired from Montrose Industries takes UJO’s stake to 30% in this potentially material and commercially viable hydrocarbon resource remains to be tested and takes their stake to 30% and costs only £115,000 in cash from resources. David Bramhill, Executive Chairman of Union Jack Oil said in the statement “The collective extensive technical information analysed over the past several months, combined with the APT conclusions on the likely presence of good quality oil have materially upgraded the resource potential and economic value of the project, upholding our opinion that PEDL253 remains one of the UK’s largest onshore un-appraised conventional hydrocarbon licences. I feel that UJO has a number of exciting opportunities in its portfolio and this adds to that, the shares deserve to be on a much higher market cap, currently only £23m.
Union Jack Oil Plc (UJO.L) Announced the acquisition of a further 3% of PEDL253 containing the Biscathorpe project and the signing of a legally binding and confidential settlement agreement between Egdon Resources U.K. Limited (acting on behalf of the joint venture partners) and Humber Oil & Gas Limited. It has entered into a Sale and Purchase Agreement with Montrose Industries Limited to purchase a further 3% interest in PEDL253 which following the implementation of the terms of the Settlement Agreement, increases the Company`s economic interest to 30%. The consideration for the additional interest is £115,000 which will be paid from the company`s existing cash resource. It advises that the joint parties to PEDL253 have resolved the dispute arising under the Joint Operating Agreement and look forward to co-operating in the future in the development of the licence. #UJO
Union Jack Oil plc, a UK focused onshore hydrocarbon production, development and exploration company is pleased to announce the acquisition of a further 3% of PEDL253 containing the Biscathorpe project and the signing of a legally binding and confidential settlement agreement between Egdon Resources U.K. Limited and Humber Oil& Gas Limited. Union Jack...
Union Jack Oil Plc (UJO.L) Announced positive conclusions of a Carbon Intensity Study on the West Newton hydrocarbon project, located within PEDL183 onshore UK in East Yorkshire, undertaken by GaffneyCline & Associates Limited ("GaffneyCline"), an international petroleum consultancy. The company holds a 16.665% interest in PEDL 183 that includes the West Newton A-1 and A-2 hydrocarbon discoveries. #UJO
RNS Number: 2799 Q Union Jack Oil PLC 18 June 2020. Union Jack Oil plc, a UK focused onshore hydrocarbon production, development and exploration company is pleased to announce that at the Annual General Meeting held today, all resolutions as set out in the Notice of AGM in the Company's 2019 Annual Report and Financial Statements, were duly passed. The proxies...
RNS Number: 0218 Q Union Jack Oil PLC 16 June 2020 Market Abuse Regulation Disclosure. Union Jack Oil plc, a UK focused onshore hydrocarbon production, development and exploration company, is pleased to publish the positive conclusions of a Carbon Intensity Study on the West Newton hydrocarbon project, located within PEDL183 onshore UK in East Yorkshire,...
Union Jack Oil 0.2025p £31.3m (UJO.L) The UK focused onshore hydrocarbon production, development and exploration company is pleased to announce that it has agreed to acquire a further 12.5% economic interest in PEDL180 and PEDL182 containing the Wressle hydrocarbon development project from Humber Oil & Gas Limited for a cash consideration of £500,000. The Acquisition is value accretive and increases Union Jack`s 2P Reserves and 2C Contingent Resource base at Wressle by 45.5% · The Internal Rate of Return to the Company of the Acquisition is 46%, underlining the economic attractiveness of the Acquisition and the Wressle project The Wressle project economics remain strong in today`s oil price environment, with a cash break-even oil price estimated at US$17.62 per barrel Planning approval for the Wressle project is in place and development is underway The economic impact on the Company of establishing first oil at Wressle during H2 2020 will be financially transformative and will be enhanced by the Acquisition A Deferred Consideration of £1,040,000 to be paid to Calmar LP on “first commercial oil” Union Jack remains in a strong financial position with current cash reserves in excess of £5.5 million and fully funded for its existing drilling, testing and development commitments on all of its projects during 2020 #UJO
I talk to David Bramhill, Executive Chairman at Union Jack Oil AIM: #UJO , a company engaged in onshore hydrocarbon production and development in the UK. David discusses key projects including Wressle and the additional stake acquisition which takes the UJO stake to 45.5%. He also discusses West Newton and Biscathorpe, and with over £5m in the company kitty, he provides a bullish outlook for the oil price. David looks at value inflection points for the company as we emerge from the COVID crisis, and provides key takeaway points for investors.
RNS Number: 1805 P Union Jack Oil PLC 08 June 2020 Market Abuse Regulation Disclosure. Union Jack Oil plc, a UK focused onshore hydrocarbon production, development and exploration company is pleased to announce that it has agreed to acquire a further 12.5% economic interest in PEDL180 and PEDL182 containing the Wressle hydrocarbon development project from...
Union Jack Oil Plc (UJO.L) Announced positive developments made today by the Operator, in respect of the Wressle hydrocarbon development on North Lincolnshire licences PEDL180 and PEDL182. Union Jack holds a 27.5% economic interest in these licences. #UJO
RNS Number: 6899 M Union Jack Oil PLC 13 May 2020 Market Abuse Regulation Disclosure. Union Jack Oil plc, a UK focused onshore hydrocarbon production, development and exploration company notes the positive announcement made today by the Operator, in respect of the Wressle hydrocarbon development on North Lincolnshire licences PEDL180 and PEDL182.
Union Jack Oil Plc (UJO.L)Announced, in its audited results for the year ended 31 December 2019, that revenues dropped to £0.1 million from £0.2 million recorded in the previous year. Loss after tax widened to £1.7 million from £1.1 million. Basic and diluted loss per share increased to 0.02p from 0.01 in the previous year. #UJO
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Company Profile

The directors believe that significant opportunities exist to invest in, or acquire, a company or companies or businesses or assets in the hydrocarbon sector. The investment strategy will have a heavy emphasis on acquiring late stage exploration projects where planning consent has been approved for drilling wells and to acquire minority production working interests onshore and/or offshore in the UK. The directors consider that the UK, with its stable economy, well regulated hydrocarbon market by the Department of Energy and Climate Change and a well established licensing system is an attractive country for direct investment in hydrocarbon projects.

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