So, let’s look at what Union Jack say about the Andrews-1-17 well:
It’s a major success. Commercial production has been confirmed. The oil has an API of 41 degrees. The operator is in the process of installing permanent production facilities. Oil is already being sold. Gas production facilities are being installed ready to monetise. Ongoing “test” production and well clean-up is continuing and a further update will be given as soon as this is completed. Wells in nearby locations produce in the region of 150 bopd. In an incredibly short space of time the Andrews 1-17 well is contributing to revenues. Note the ‘HIGH’ expectations on the result of the next well to be drilled, the planning phase is already currently underway and they are targeting the same formation, the Hunton formation, a prolific hydrocarbon producer in Oklahoma.
Now, with all this positive news, the fact the well is in test production status but the company is keen to drill another well in the same area, into the same formation, doesn’t really suggest to anyone that Andrews-1 is a low production well. Does it?
Well, it does to the LSE resident trolls who seem to believe it will be lucky to produce 50 barrels, even though other wells drilled into the Hunton produce an average of 150Β bopd
Heid, the odious know it all who is vying for a job with Union Jack as a geologist after a week’s intensive training seems to find a problem with every piece of news the company release and actually believes every decision made by the board is down to her recommendations π. Rather than drill more successful wells, she is demanding a penny dividend. Oh no, sorry, .90. Oops, no, .80. Hopefully she will get down to .2 which for me would be more than I would want at this stage in the US venture.
Let’s get a few wells successfully producing and THEN see about a more substantial divi when the cash is rolling in and the future more secure. This is only my opinion on a dividend, I am sure others will agree and others will disagree. Many people I know would prefer a much higher share price and asset base.
Reading the LSE recently, I note an alliance between Heid and Pboo, another weirdo who sits at his PC from 7am – 7pm, awaiting an RNS that regardless of how positive it is, tries to pick holes and instigate as much negativity and uncertainty as possible. This is the chap that was banned from X (Twitter) but keeps telling everyone David Bramhill invited him to teaπ
Why would someone who keeps on proclaiming her family hold a substantial shareholding in Union Jack spend 7 days a week trying to encourage selling? Why would an ex-UKOG shareholder, a wagon counting, camper van owner who spent many an hour/day/week living in a lay-by now spend his retirement trying to trash the company at every opportunity?
It’s all a mystery.
