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Union Jack Oil share price, company news, analysis and interviews

Introduction

Union Jack Oil PLC is a UK-based onshore exploration and production company that focuses on acquiring, exploring, and developing oil and gas assets. The company has a portfolio of interests in various exploration and production licenses in the UK.

Company Overview

Union Jack Oil PLC was established in 2011 and is listed on the London Stock Exchange under the ticker symbol LON:UJO. The company has a team of experienced industry professionals who are dedicated to achieving the company’s vision of becoming a leading onshore exploration and production company in the UK..

Wressle

Exploration and Production Activities

Union Jack Oil PLC has a diversified portfolio of interests in various exploration and production licenses in the UK. The company’s assets include interests in the Biscathorpe and Wressle oil discoveries in Lincolnshire, as well as interests in the West Newton and North Kelsey prospects in East Yorkshire.

The Biscathorpe oil discovery has an estimated 14.5 million barrels of oil in place, while the Wressle oil discovery has an estimated 2.15 million barrels of oil in place. The West Newton prospect has an estimated 189 billion cubic feet of gas in place, while the North Kelsey prospect has an estimated 22 billion cubic feet of gas in place.

Investment and Growth Opportunities

Union Jack Oil PLC is well positioned to take advantage of the current market conditions and the growing demand for oil and gas in the UK. The company has a strong balance sheet, with no debt and a cash balance of £5.5 million as of December 31, 2022. The company is also actively seeking new investment opportunities to expand its portfolio and increase its production.

Union Jack Oil PLC is a leading onshore exploration and production company in the UK with a diversified portfolio of interests in various exploration and production licenses. The company is well positioned to take advantage of the current market conditions and the growing demand for oil and gas in the UK. With a strong balance sheet and a team of experienced industry professionals, Union Jack Oil PLC is poised for growth and success in the years to come.

We hope that this profile has provided you with valuable insights into Union Jack Oil PLC and its exploration and production activities.

Below you will find the 5 day trade history, latest news, interviews and Union Jack Oil share price.

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Union Jack Oil share price

Fundamentals

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News

Union Jack Oil

Union Jack Oil Andrews-1-17 well spudded

Union Jack Oil plc (LON:UJO), a UK and USA focused onshore hydrocarbon production, development and exploration company has announced, further to its announcement dated 11 March 2024, that the Company has been informed by the Operator, Reach Oil & Gas Company Inc, that the drilling rig is on location and that the Andrews-1-17 well has now spudded.

The Andrews-1-17 well will test the West Bowlegs Prospect, located in Seminole County, Oklahoma, USA in which Union Jack hold a 45% working interest:

·    Andrews-1-17 well has a geological chance of success estimated by the Operator to be 75%

·    Approximate ten-day drilling period to a depth of 5,200 feet

·    Completion time is swift, estimated at approximately a further eight days including perforating and flow-back, if successful

A further update will be given following the Andrews-1-17 well reaching its intended total depth of 5,200 feet, prior to the commencement of wireline logging operations, completion, perforation and testing, if successful.

Follow the Company on X (formerly Twitter): @UnionJackOilplc

Background to Andrews-1-17 Well and the West Bowlegs Prospect

The target for this well is the Hunton Limestone, one of the main hydrocarbon reservoirs in Oklahoma.  The Hunton Limestone is unconformably overlain by the main oil-prone source rock, the Woodford Shale and is in an excellent position for the migration of oil. 

Primary oil recovery is expected to be by solution gas drive with any gas recovered to surface being sold into the local network.   

Reach is an accredited operator in the USA, owning and operating oil and gas production facilities in Seminole and Pottawatomie Counties in Oklahoma. All prospects are generated by Reach which owns modern seismic equipment, supplied by a UK based company Stryde Limited. 

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Interviews

Union Jack Oil planning permission for Biscathorpe ‘Excellent news’ says David Bramhill

Union Jack Oil Plc (LON:UJO) Chief Executive Officer David Bramhill joins DirectorsTalk Interviews to discuss a highly positive update in respect of its Biscathorpe project.

David explains what its successful appeal against the local authority’s previous refusal to grant planning permission for Biscathorpe now means for the company, discusses the possibility of an update on the flagship project Wressle and hints of other projects on the horizon.

https://vimeo.com/881608615

Union Jack Oil plc (LON:UJO) is a UK focused onshore conventional oil and gas production, development and exploration company.

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Union Jack Oil

Union Jack Oil expect to be in very good cash position (Interview)

Union Jack Oil plc (LON:UJO) Executive Chairman David Bramhill joins DirectorsTalk to discuss its latest operational updates. Davis talks us through the key points regarding the PEDL180 and 182 acquisition at Wressle, progress being made, updates us on West Newton and what we can expect news for over the coming weeks / months.

https://vimeo.com/444791630

Union Jack Oil is a UK onshore hydrocarbon production development and exploration company, listed on the London AIM market. To find out more about its portfolio and assets visit 

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Wressle

Union Jack Oil Majority owners of Wressle Development and on track for H2 first oil (Interview)

Union Jack Oil plc (LON:UJO) Executive Chairman David Bramhill joins DirectorsTalk to discuss its further acquisition of PEDL180 and 182. David talks us through the key highlights, reminds us of the potential and explains the next steps to keep it on track for a H2 first Oil.

https://vimeo.com/427278199

Union Jack Oil is a UK onshore hydrocarbon production development and exploration company, listed on the London AIM market. To find out more about its portfolio and assets visit

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Union Jack Oil

CHAIRMAN INTERVIEW: Union Jack Oil – West Newton A-2 Proven without a doubt!

Union Jack Oil (LON: UJO) Executive Chairman David Bramhill joins DirectorsTalk to discuss the West Newton A-2 appraisal well. David talks us through the update highlights, explains how being a Oil and Gas play changes things, the significance of this discovery and what we can expect going forward.

https://vimeo.com/356583538

Union Jack Oil is an AIM-listed oil and gas exploration and development company with a number of onshore licence interests in the UK, all centred around the East Midlands and East Yorkshire.

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Question & Answers

Union Jack Oil

Union Jack Oil “robust P&L and cash flow performance” says Shore Capital

Union Jack Oil plc (LON:UJO) is the topic of conversation when Shore Capital’s Craig Howie caught up with DirectorsTalk MD Darren Turgel.

Q1: Interim results for the six months to June 2022 now published, what are your thoughts on the results?

A1:  We believe that these were a very creditable set of interims which confirmed a robust P&L and cash flow performance and financial position. Revenues in the period totalled £4.4m, translating into a very healthy maiden net profit of £2m. In the six months, the company generated £1m of operating cash flow and £0.5m of free cash flow, with the latter driving an increase in reported net cash to £6.5m. Cash balances, receivables and liquid investments in fact totalled around £10.5m as at yesterday. Overall, we consider the interim results to be excellent.

Q2: How do you see the company in terms of fair value?

A2: We continue to look forward to introducing comprehensive financial forecasts and a Risked NAV estimate once forthcoming technical reports on Wressle and West Newton become available soon. In the meantime, we would make a couple of key observations from a valuation perspective.

Firstly, Union Jack Oil’s reported cash balances, receivables and liquid investments equate to almost 25% of the prevailing market cap. We also believe that earnings in the six months provide an important reference point for valuation purposes – implying an annualised PE multiple of under 12x as at today. With reference to this undemanding rating, we therefore see in simple terms a prevailing share price that is very well underpinned by existing production alone (before material exploration, appraisal and development potential in the portfolio is accounted for).  

Q3: How do you see the outlook for Union Jack Oil?

A3: We remain confident that they are a business which enjoys an extremely bright outlook – offering profitable, diversified exposure across the E&P value chain and scope for attractive shareholder distributions. The flagship Wressle development is clearly a very material producing asset enjoying excellent follow-on potential, in our opinion, and we foresee important re-rating catalysts including new technical assessments of both Wressle and West Newton – with an initial horizontal appraisal well planned at the latter location next year. Whilst the shares have enjoyed an excellent performance in the year-to-date (having now risen by circa 190% following a positive reaction today), we are confident that the company can maintain strong momentum given the positive outlook and our expectation of further material news flow in the short term and beyond. 

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Union Jack Oil

Union Jack Oil new permissions also underpin longer term development (LON:UJO)

Union Jack Oil plc (LON:UJO) last week announced that the East Riding Planning Committee has approved the planning application for drilling and production at the West Newton A site and have separately approved a time extension to allow further exploratory drilling at the West Newton B site.

DirectorsTalk caught up with Arden Partners Research Director Daniel Slater for his thoughts on the news.

Daniel, Union Jack has announced the approval of its recent West Newton (Union Jack 16.7%) planning applications. What does this mean for the company?

This is helpful news, allowing the West Newton JV to proceed with confirming any new work programme for the asset. We would expect this could include new flow testing work, and potentially new drilling, on the asset, aimed at establishing evidence of commercial flow.

What news do you hope to see next from the company?

We expect to see an update on Wressle flow rates post completion of the ongoing upgrade works, helping give us a better idea of the cash generation potential from this asset. We may also see a Wressle reserves update, alongside details of any further West Newton work programme. The company remains well funded from its cash holding and ongoing production cash flows.

Union Jack Oil is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector listed on the London Stock Exchange AIM market.

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Union Jack Oil

Union Jack Oil Carbon intensity study analyst view (LON:UJO)

Union Jack Oil plc (LON:) Carbon intensity study is the topic of conversation when DirectorsTalk MD Darren Turgel caught up with Arden Partners Research Director Daniel Slater.

Dan, Union Jack Oil have released the results of a carbon intensity study for the potential development of its Biscathorpe asset, what did the results show?

The Gaffney Cline report found that Biscathorpe could be developed for a carbon intensity level of 18kgCO2/boe, falling to 9kgCO2/boe if gas is exported to the grid. This compares relatively favourably to the UK North Sea average of around 20kgCO2/boe.

What does this mean for the company?

The report should help underpin development at Biscathorpe in the event that the planned B-2Z sidetrack well is drilled and successful, which would help make the asset an important new project for the company.

How do you view the outlook for the company?

The key focus for Union Jack Oil over the coming weeks and months is the ongoing flow testing programme at West Newton. This is targeted at establishing flow rates and defining the hydrocarbon phase (oil, gas or both) for the asset, and successful results should support a resource update and early stage development planning. We await further news here with keen interest.

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Analyst Notes & Comments

Union Jack Oil

Union Jack Oil (UJO) Shares Positive Wressle CPR update, Analyst Comments

Union Jack Oil plc (LON:UJO), provided yesterday its summary of the Competent Person’s Report for the Wressle field and Broughton North Prospect. DirectorsTalk caught up with Daniel Slater CFA, Director of Research at Zeus Capital for his thoughts.

Union Jack has released the results of a new CPR from industry consultant ERCE for its Wressle field. What were the key takeaways?

Wressle reserves have increased significantly, principally as a result of reclassification of Penistone Flags 2C resources into 2P reserves, alongside a technical upgrade to Ashover Grit/Wingfield Flags reserves, helping make up for past production. In our view, the report helps further highlight the attractiveness of Wressle as an asset for Union Jack, while also validating benefits to be had from the ongoing work programme on the field. We look for further news on progress of the work programme, and new production volumes, during 2024.

What changes have been made to your forecasts as a result?

We had already accounted for new Wressle production volumes during 2024, helping compensate for natural decline from existing production.

How do you see the outlook for Union Jack?

We look forward to a busy 2024 for Union Jack, with planned work programmes on Wressle and West Newton, and progress towards new exploration drilling on Biscathorpe and North Kelsey. This should make for plenty of material news flow, with funding from existing cash and ongoing Wressle cash flows.

Union Jack Oil PLC is a UK-based onshore exploration and production company that focuses on acquiring, exploring, and developing oil and gas assets. The company has a portfolio of interests in various exploration and production licenses in the UK.

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Union Jack Oil

Union Jack Oil Jet Pump Success Boosts Wressle Field Production (LON:UJO)

Union Jack Oil (LON:UJO) has recently made significant progress at its Wressle field, with the installation of a jet pump in the Wressle-1 production well leading to an impressive increase in oil production rates. This development marks a pivotal moment for the company, significantly boosting its production capabilities and positively impacting its financial health. The increase in production is not only a technical achievement but also a strategic advantage, enhancing Union Jack Oil’s cash flow and solidifying its position in the market. The company’s future outlook appears promising, with potential for further production increases and strategic initiatives aimed at growth and expansion.

Zeus Capital said that Union Jack holds a portfolio of onshore UK assets, with work programmes steadily being progressed across these. The company brought its Wressle field (Union Jack 40%) onstream in 2021, and this is currently looking to ramp up post installation of a jet pump, having delivered EBITDA of £2.0m for Union Jack in H1 2023. There is then the possibility of higher rates as further development of the field is progressed. Wressle is providing significant revenues for the company, which can be redeployed elsewhere. Union Jack also holds 16.7% in the West Newton asset, where large volumes have been reported as discovered, but flow testing in 2021 did not establish commercial rates. Further analysis has now led to plans for a new horizontal test well in 2024, with potential for development beyond this. More widely, Union Jack also continues to pursue the drilling of a side-track from its Biscathorpe-2 well and drilling of an exploration well on North Kelsey (which requires planning permission). New acquisitions, potentially outside the UK, are also being considered. The company is currently funded from its end June 2023 cash holding of £6.3m (plus additional cash/investments totalling £2.9m; debt is zero) and ongoing cash flows. Based on the likelihood of news flow from Wressle, West Newton and elsewhere in the portfolio over the next 12-18 months, and the potential for new acquisitions, we have a positive outlook for the shares.

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Union Jack Oil plc

Union Jack Oil another period of good cash flows say Zeus Capital (LON: UJO)

Union Jack Oil plc (LON:UJO) is the topic of conversation when Daniel Slater, Analyst at Zeus Capital caught up with DirectorsTalk to discuss the interim results.

Union Jack has now released its H1 2023 results, what were the key points investors should take from this?

The results showed another period of good cash flows for the company, based on the production from Wressle. We were also pleased to see the progress being made on further Wressle development planning, with the potential for new drilling and installation of gas export, which could support or even grow production levels.

How have your forecasts changed for Union Jack?

The H1 results supported our forecasts, though we have made adjustment for the timing of forward CAPEX spending.

How do you see the outlook for the company?

Going forward we expect ongoing production and cash flows from Wressle, and then the Wressle work programme to be fully defined and implemented, providing news flow and new production volumes. We should then see work programmes across the wider portfolio, and potentially new acquisitions, where Union Jack is now looking beyond the UK in order to diversify its onshore portfolio.

Union Jack Oil PLC is a UK-based onshore exploration and production company that focuses on acquiring, exploring, and developing oil and gas assets. The company has a portfolio of interests in various exploration and production licenses in the UK.

Read More »
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