Updating on Union Jack Oil (UJO) last month, we noted on the shares falling to 0.12p on a drilling update from West Newton (Union Jack Oil: 16.665%) that Kirkham Abbey remains very much in play, with the indicated hydrocarbon charge and the location confidence noted on the swift side-track… Initially targeting a recovery to 0.20p+, Buy. That call has been vindicated...
The sidetrack well we discussed last time has encountered a hydrocarbon column within a gross 62 metre interval in the Kirkham Abbey formation and initial log and petrophysical data correlating positively with the results from the prior West Newton wells – the company stating “there is scope for the overall hydrocarbon column to considerably exceed the current identified interval… the hydrocarbon-water contact is yet to be encountered”. With production testing still to be carried out – and indeed further core and log analysis and wells correlation work which will influence the testing programme, there is still extensive work to be done to determine the West Newton project development potential.
However, that also means further news flow potential catalysts for the shares from a project which the latest news further de-risks as it is from a well approximately 2.5 kilometres from the ‘WNA-1’ discovery well and ‘WNA-2’ appraisal well. It also further supports the company’s previously stated “belief that West Newton is a large scale, conventional onshore oil and gas development asset with potential offshore sized resources in place” – sensible commentators are suggesting that this could be the second largest onshore find in Britain after Wytch farm, although it will clearly be much smaller than the Dorset play. But the potential of West Newton is surely not discounted, with the shares at 0.19p, valuing the company at less than £38 million.
Also, Union Jack is not a one trick pony. There is also imminent production from Wressle, North Lincolnshire - on which we’ve noted early $0.9 million+ annual profit potential - and other assets including Biscathorpe. This all makes us consider a return towards the around 0.30p share price of the summer very possible and, with a limit buy price of 0.19p, the stance remains Buy.
Filed under: Union Jack Oil, Bahamas Petroleum, Sarah Willingham, Tungsten Corp, Intuitive Investments
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