Today’s RNS is yet another positive update for shareholders. One of nearly three dozen published in 2024. Cries of ‘DB needs to go’ resound on the LSE bulletin boards, a call for the departure of the man that has taken Union Jack Oil from an AIM minnow reliant on cash calls to an asset rich, profitable, debt free company.
The man with the foresight to team up with a USA company and start a drilling campaign well before the UK oil industry collapsed.
David Bramhill suffers daily abuse from a number of absolute tossers on the LSE bulletin boards, some who don’t even hold any shares yet goad the real investors with their absolute bile. Jumping on every positive comment to drown it out, thus ensuring anyone looking in sees nothing but their endless drivel.
The present share price according to these numb-nuts is down to David Bramhill’s apparent ‘lack of transparency. It has nothing to do with the fact the oil industry has been totally screwed by this government, nothing to do with the fact every planning application is challenged and delayed by activists, nothing to do with an incredible 75% energy profits levy, nothing to do with the so-called climate crisis, the impending capital gains tax on stock market investments or any further impediments to the sector. Oh no, it’s David Bramhill’s fault. π
Have these brainless antagonists not seen what’s going on? Have they not considered just about every oil company with links to the UK are losing their value? Are they not able to see that had not Mr. Bramhill approached Reach Oil and Gas and done a deal to drill, drill, drill in the USA, along with the purchase of revenue generating mineral royalties, there would be a portfolio of dormant assets and nothing else. A company that would just be a cash cow with nothing to look forward to, nothing to keep any interest in for investors. As it is, I for one am extremely thankful for the company’s foresight and can at least see a ‘bright future’ here.
Yes, the share price is dire, there’s no question of that. But Union Jack is not going to sit still like its peer companies. It is not going to sap up its cash keeping the lights on.
I see a very promising future with numerous wells being drilled in a country that thrives on oil, a country that doesn’t suffer planning challenges or ridiculous tax levies. Of course not every well will be a success, but one or two good producers will change the landscape for Union Jack.
One can only laugh at the aforementioned, mentally challenged LSE posters when they offer their criticism over the ‘predominately gas producing’ Andrews field. So it’s gas not oil at present. Rather than consider the fact the gas may be a pre-oil revenue stream, that as it depletes the oil will become more prominent, they ridicule the success of the revenue paying production which has been connected to the main grid. These people need to read up on the wells, the geology and the way they produce, perhaps they may just realise the longer term potential. But no, they won’t, that would ruin their narrative. The simple facts are, the company has two cash cow producers in the UK with Wressle producing in the region of 160 bopd net to them along with Keddington which, when back online, will likely offer up a further 20-25 bopd net too.Β 180 bopd to any small oil company is not to be sniffed at and with another confirmation today of the suoer production still being seen, $21,000,000 now received net to Union Jack! With the USA gas and oil sales and the revenue from the Mineral Royalties also contributing, it really isn’t easy to HONESTLY & GENUINELY knock this company for the way it is run and for what it has and is achieving. Cash is being invested in expanding the assets, not being frittered away and regards the ridiculous ‘overly paid’ claims, the actual total salary bill is way less than many other AIM listed companies as there is a relatively small board at Union Jack so the costs pro-rata is not exactly outrageous as some are claiming. So for me, it’s David Bramhill Go, Go, Go, not Go π
#ujo $UJO #ujogf #OTCQB #USAOIL #ukoilandgasΒ