Union Jack Oil (UJO) “is pleased to announce that it has conditionally raised £1.75 million by way of a placing and subscription, through the issue of a total of 2,333,333,334 new ordinary shares at an issue price of 0.075 pence”. This is to fund progress after the West Newton-2 appraisal well, which is due to commence drilling next month – including technical evaluation of a number of additional prospects and leads on the licence (PEDL183), the proposed development cost to bring the Wressle discovery into production, expenditure on the company’s wider licence interests and generally, as well as “following the drilling and completion of the West Newton-2 appraisal well… the expected cost of any long-term gas production test, plus progress further technical and initial conceptual commercial studies on a field development plan”.
This is with “reflecting its status as an existing gas discovery, the West Newton-2 conventional appraisal well has a combined geological and commercial Probability of Success of 60%. The operator's estimated unrisked project economic evaluation indicates NPV10% before tax of US$247 million” and “the operator has identified a significant oil exploration target in the Cadeby Reef formation located below the existing discovered gas Contingent Resources. As part of the proposed West Newton-2 appraisal well, the Cadeby Reef oil exploration target will also be drilled as a secondary target”.
This follows Union Jack having announced the acquisition of a 16.665% interest in PEDL183 in October and although the fundraising price is a discount to recent market prices, even at a current 0.09p share price, the market cap will still be sub £10 million.
Although, as ever, the proof will be in the drilling, with its various potential and concurring that “success at either West Newton or Wressle will offer significant value upside”, our stance remains buy.
Filed under: Union Jack Oil, London & Capital Finance, #BoycottDominos, Goals Soccer Centres, UKOG
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