Some can’t see the wood for the trees!

It’s not hard to see that Union Jack Oil is progressing on many fronts in just the two months so far in 2024.

7 positive RNS announcements to date, a stunning CPR with a substantial reserves upgrade, the $18,000,000 revenues received from Wressle alone, a positive interview with SP Angel’s David Mirzai, Head of Energy Research, the strategic expansion into the United States with the purchase of Mineral Royalties, a farm-in agreement with Reach Oil & Gas to drill the company’s first US well, followed by the acquisition of a 75% interest in second US well and of course, todays update on the West Newton project.

Disappointingly, for all this news, the markets have failed to give any value to any of it which is absolutely ludicrous.

The reserves update at Wressle alone assures the company of substantial revenues for decades to come, it assures shareholders that there will be no further placings and that alone is one of the most feared of risks to any investment. It is certainly one that encourages only short term interest in any stock. It is a case of 5 or 10% and out.

But what makes Union Jack different to many it has a cautious and sensible management team who, with their years of experience have brought this company not only to profitability, but are ensuring that they are well prepared for the possibility of an electoral change that could kill off UK oil progress.

The move into the United States was unexpected and a welcome addition to the asset portfolio. It will bring some excitement and interest to the company as soon the Andrews-1 well spuds. If successful, a third oil revenue stream hitting the bank along with the mineral royalties. These are already paying back.

So, for all these announcements, all these advances and new assets, why are shareholders seeing no increase in the share price?

Looking back over the past few years, there seems to be a long period of inactivity. The wressle well has been steadily producing, West Newton has sat dormant for a few years, Keddington was intimated for drilling a side track which seems to have moved to the back-burner, North Kelsey the same, Biscathorpe seems to be sidelined for now too. The company, for no fault of its own has had little or no action to attract the interest it deserves.

But now it’s firing on all cylinders and it is surely time the radar picked up on it and sees it as a solid little long term investment with none of the usual risks.

I do feel some sentiment returning with a notable change in some of the bulletin board negativity that has been so prolific. It is getting harder to find fault, as more good news is released, less negative comment can be seen.

There are of course those that appear to be so fixated on making disparaging remarks that they fail to see what is right in front of them. When you look at the level of news this year, only a fool would think this company won’t come good.