It’s been a while since my last article due to personal circumstances so a little to catch up on!
Union Jack seems to be unstoppable as it invades the US with two successfully drilled wells, both producing oil and gas which is being sold to market. It has another three wells scheduled to be drilled this year, is receiving revenues from a substantial number of mineral royalties along with cash from Wressle which is covering the cost of its US expansion. Keddington is expected to be back online this year too, adding further cash to the Union Jack pot.
In what are torrid times for UK oilers, David Bramhill, Executive Chairman of the company has made an incredibly wise and strategic move by using his contacts within the oil sector to partner with Reach Oil & Gas. It feels to me that in doing so, he has likely saved shareholders from what could have been a return to the old days whereby the company would be heading back to placings to keep it afloat.
I read so much twaddle on the bulletin boards, accusations of lack of communication, suggestions that Union Jack is just a pay check company for board members, RNS’s are inaccurate, misleading and even have lies within. Heid, the horrid little witch who spends her life attacking David Bramhill and the board continues her ridiculous campaign, the nutcase with an X account dedicated to incessant attacks and abuse, with her ludicrous and offensive pictures and polls, accompanied by the usual bunch who seem to think they could run the company better but don’t even know what an oil barrel looks like 😂 My advice would be to ignore 90% of the comment on there!
The fact however, is that board this year have reported substantial reserves upgrades which points to increased longevity from the Wressle cash cow, have drilled two producing wells in the USA, purchased a string of mineral rights which are generating revenues, are in the process of injecting the waste water from them into the Coker well which in turn will help increase oil flow from the two recipient wells along with having a drilling plan in place for the rest of this year. Let’s not forget Keddington too which could possibly see an increase in flow rates after the upgrade.
West Newton remains on the cards, perhaps the joint venture partners will get their act together on this one next year. It remains a valuable asset not to be dismissed, as does Biscathorpe. Should we see any change in policy or another government focused on our own energy security, these two assets along with North Kelsey would be an added bonus in Union Jack’s impressive portfolio.
How anyone can attach any blame to this management for their inability to progress their UK joint venture partnership prospects continues to baffle when with all the pressure brought to bear will make little difference to the actions of the operators or their time-scales. Any idiot can see the operators control activity, not Union Jack. Some people seem to think David Bramhill is happy to see certain assets delayed or miss timescales. This people really do not understand how a business works, how the oil sector operates or how intensive running a listed company is with all the restrictions, regulations and time factors getting anything to the table.
I now look forward to the interims which should be imminent to see just how the company are faring under all the restrictions being imposed by the UK government, the planners and the opposers of all things fossil fuel related.
In the meantime, I wish all genuine shareholders the very best of luck and feel confident the next 12 months for Union Jack Oil will be transformational both operationally and financially. In turn, shareholders will be well rewarded 💪
