Union Jack Oil (UJO)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

 9.75p
   
  • Change Today:
      0.000p
  • 52 Week High: 26.75
  • 52 Week Low: 9.55
  • Currency: UK Pounds
  • Shares Issued: 106.57m
  • Volume: 197,461
  • Market Cap: £10.39m
  • RiskGrade: 370
  • Beta: 0.15

Union Jack reaches $18m revenue since Wressle restart

By Josh White

Date: Monday 15 Jan 2024

LONDON (ShareCast) - (Sharecast News) - Union Jack Oil reported significant net revenues exceeding $18m from the Wressle hydrocarbon development on Monday.
The development is situated within licences PEDL180 and PEDL182 in North Lincolnshire, located on the western margin of the Humber Basin.

Union Jack holds a 40% economic interest in this project.

Since production restarted at Wressle in August 2021, Union Jack has generated revenues of over $18m.

Currently, the Wressle-1 well's gross production is averaging 665 barrels of oil per day, with the operator actively evaluating the reservoir's response to increased pump rates.

Union Jack said its financial performance remained robust, with positive cash flow effectively covering all planned general and administrative expenses, operational expenditures and capital spend obligations.

As of 12 January, the company maintained cash, short-term receivables, and investments exceeding £9.45m.

Union Jack Oil said it was debt-free and was continuing to generate substantial cash.

"The $18m net revenues achieved to date from Wressle - UJO 40% - continue to bolster the company's balance sheet, complemented by additional cash-flow from the Keddington oilfield - UJO 55%," said executive chairman David Bramhill.

"Going forward, future production and revenue updates from Wressle will be reported on a quarterly basis.

"The Wressle-1 well has responded favourably to the new jet pump rate."

Bramhill said the engineers could decide to further increase these rates whilst the well performance was continually being optimised to maximise oil recovery volumes.

"The recently announced 263% increase in 2P reserves has led to a material upgrade in value of the Wressle development and we look forward to reporting on further progress at our flagship project."

At 0904 GMT, shares in Union Jack Oil were up 5.16% at 20.77p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Union Jack Oil Market Data

Currency UK Pounds
Share Price 9.75p
Change Today 0.000p
% Change 0.00 %
52 Week High 26.75
52 Week Low 9.55
Volume 197,461
Shares Issued 106.57m
Market Cap £10.39m
Beta 0.15
RiskGrade 370

Union Jack Oil Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
99.03% above the market average99.03% above the market average99.03% above the market average99.03% above the market average99.03% above the market average
71.01% above the sector average71.01% above the sector average71.01% above the sector average71.01% above the sector average71.01% above the sector average
Price Trend
85.66% below the market average85.66% below the market average85.66% below the market average85.66% below the market average85.66% below the market average
57.33% below the sector average57.33% below the sector average57.33% below the sector average57.33% below the sector average57.33% below the sector average
Income
55.62% above the market average55.62% above the market average55.62% above the market average55.62% above the market average55.62% above the market average
38.46% below the sector average38.46% below the sector average38.46% below the sector average38.46% below the sector average38.46% below the sector average
Growth
86.02% below the market average86.02% below the market average86.02% below the market average86.02% below the market average86.02% below the market average
91.3% below the sector average91.3% below the sector average91.3% below the sector average91.3% below the sector average91.3% below the sector average

What The Brokers Say

Strong Buy 0
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 1
buy
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Union Jack Oil Dividends

  Latest Previous
  Interim Special
Ex-Div 04-Jul-24 17-Nov-22
Paid 26-Jul-24 16-Dec-22
Amount 0.25p 0.80p

Trades for 21-Nov-2024

Time Volume / Share Price
15:11 8,966 @ 9.88p
14:53 54,296 @ 9.55p
14:43 40,000 @ 9.55p
14:13 40,000 @ 9.63p
13:56 1,887 @ 9.98p

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