Union Jack Oil (UJO) is “pleased to announce that the company has agreed terms… on a proposed farm-in for a 16.667% licence interest in PEDL183… located onshore UK in East Yorkshire”, with this accompanied by a £2.25 million equity raise. The licence is noted to contain “the significant West Newton A-1 gas discovery (Best Estimate Contingent Resource 189 Bcfe or 31.5 MMboe gross), where the drill-ready West Newton conventional appraisal well is planned to be drilled in Q1 2019”...
The company emphasises; “Operator's NPV10% of US$247 million and 52.5% ROR for the gas discovery alone. Attractive acquisition metrics of less than US$0.30 per barrel of oil equivalent for the gas discovery alone. Considerable upside potential from the lower Cadeby Reef oil exploration target underlying the gas reservoir that will also be drilled with Best Estimate Prospective Resources of 79.1 million boe (gross). Further significant upside potential from other numerous prospects and leads”. It adds, “a successful appraisal well in Q1 2019… is expected to deliver a significant onshore gas development going forward and be transformational for Union Jack”.
The £2.25 million has been raised at 0.085p per share to fund its West Newton well drilling obligation – and, at a current 0.09p share price, will see a market cap of £7.6 million. As ever, the proof will be in the drilling but this latest together with an ongoing commitment to develop the Wressle oil discovery and plans to commence drilling of the material Biscathorpe oil appraisal well this quarter are clear potential material catalysts from here.
Brokers such as SP Angel reckon this could be a multibagger - see HERE. Certainly we see an exciting newsflow having the potential to see the shares double in short order. Thus the stance remains buy.
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Filed under: Union Jack Oil, First Derivatives, Chris Foster, Alpha Prospects, Minoan, Nifty Fifty website
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