Union Jack Oil (UJO) has announced that the West Newton B-1 well (WNB-1) has spud with completion expected to take six to ten weeks...
The company has a 16.665% interest in the licence, with there confidence as the objectives of the well include “to evaluate the extent of the hydrocarbon accumulations found in the Kirkham Abbey formation by the WNA-2 well in June 2019”. It is also “to test the reservoir properties of the deeper Cadeby formation which, if found to be hydrocarbon bearing, could add significantly to the value of the West Newton field”. This is with the company’s “belief that West Newton is a large scale, conventional onshore oil and gas development asset with potential offshore sized resources in place”.
We have also previously particularly noted Wressle initial $0.9 million+ annual profit potential and Biscathorpe potential but fundraising ahoy? There has since been £7 million raised at 0.16p per share, increasing the cash position to approximately £11 million “to continue to invest in our conventional onshore flagship projects and invest for growth in our wider licence interests and drill up to four wells in our drill-ready portfolio before the end of 2021… look forward to updating the market on the imminent activity at West Newton and Wressle in the coming weeks and months”.
It does so from a now market cap, at a circa 0.16p share price, of around £32 million – and there therefore still looks clear potential for that news flow to materially boost that, also noting that the shares were around 0.30p as recently as just August. At up to 0.18p, buy.
Filed under: Union Jack Oil, Versarien, Patrick Abbott, gold, Minds + Machines Group, Yamana Gold
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