What an incredible result from Union Jack’s latest well, the Moccasin 1-13 in Oklahoma. Initial flow rates of over 600 bopd and now hugely choked back to a mere 140 bopd whilst evaluating the optimum longer term rates.
Read between the lines folks, this is just what the company needed and wholly justifies the reason for their diversion into the United States.
When you look at the overall picture, there are strong revenues from oil sales at Wressle, additional revenues to come from Keddington when upgrades are completed, 30%+ return on the million quids worth of mineral royalties, gas and oil sales from the 2 Andrews wells and now this from Moccasin.
Potentially we could see the development of the gas at Wressle later this year and an additional well in the USA in Q2 to boot. However some of the twats on the bulletin boards keep on knocking David Bramhill, no other little UK oiler has progressed their operations like Union Jack. No other little UK oiler has a future like them and no other little UK oiler is turning a profit. This company is setting the standard against all the odds.
Anyone worried about being invested in the oil sector can at least be assured that profitability, revenue generation, good forward planning and a debt free status offers considerable confidence to retain a position here and the rewards would seem to far outweigh the risks.
I do feel this government is beginning to see the error of their ways in their belief in Net Zero and Mr. Miliband will soon be out on his ear, returning some common sense with regards to the present overwhelming distaste for fossil fuels. This will then offer Union Jack the opportunity to revisit Biscathorpe and West Newton, presently on the burner, offering the company established UK AND USA operations.
If Moccasin produces a consistent 140 bopd, Union Jack’s 45% would equate to 63 barrels. Add that to their share at Wressle’ approximate 140 and Keddington’s of approx 15 when back online, the company will be enjoying not only almost 220 barrels per day ($15,400 @ $70 per barrel) they also have the gas sales and mineral royalty revenues. Every well they drill in the USA equates to approximately $450k for a 45% share and to date, present operations have amounted to 4 out of 4 successful drills! (Taylor well still awaiting vacuum pump installation and evaluation)
There was talk of a £1,000,000 per month revenue stream when the gas is sorted at Wressle too. Imagine if West Newton was also actioned?
I have to admit to feeling incredibly confident and excited about my investment here long term and look forward to all the forthcoming news which I feel will be in abundance throughout 2025!
Good luck to all fellow shareholders!
