Announcement • May 27
Union Jack Oil plc, Annual General Meeting, Jun 26, 2026 Union Jack Oil plc, Annual General Meeting, Jun 26, 2026. Location: the george white suite, the bristol hotel, prince street, bs1 4qf, bristol United Kingdom Reported Earnings • May 26
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: UK£0.057 loss per share (down from UK£0.006 profit in FY 2024). Revenue: UK£2.49m (down 37% from FY 2024). Net loss: UK£7.03m (down UK£7.68m from profit in FY 2024). Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Announcement • May 16
Union Jack Oil plc Announces Update on Crossroads Well in Garvin County Oklahoma Union Jack Oil plc announced a positive update on the Crossroads Well, located in Garvin County, Oklahoma USA. Union Jack holds a 43% interest in this well. Crossroads drilled on budget to Target Depth of 4,600 feet. Electric logs have been acquired and several zones of interest and test intervals have been identified. Production casing will be run and cemented. The technical team at Reach Oil and Gas Company Inc., the Operator, has informed Union Jack that the evaluation and testing will begin in mid-June. The Crossroads well encountered good hydrocarbon shows at several levels from the Hoxbar down to the Basal McLish intervals. Based on a petrophysical evaluation of the downhole logs, four intervals with production potential will be tested. These intervals are the Middle McLish, Basal McLish, Cisco and Hoxbar Sandstones. Announcement • Apr 18
Union Jack Oil plc Announces Update on Crossroads Well Southern Oklahoma USA Union Jack Oil plc announced that, following the update on 8 April 2026, Reach Oil and Gas Company Inc. has informed the company that there has been a short delay to the spud date for the Crossroads well, located in Southern Oklahoma, USA as a result of rig maintenance requirements. The Operator is confident that the well will be spudded before the end of April 2026. New Risk • Apr 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Market cap is less than US$10m (UK£5.07m market cap, or US$6.86m). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Revenue is less than US$5m (UK£2.9m revenue, or US$3.9m). Announcement • Apr 09
Union Jack Oil plc Provides Crossroads Well Southern Oklahoma USA Update Union Jack Oil plc announced that Reach Oil and Gas Company Inc. has informed the Company that the Crossroads well, located in Southern Oklahoma, USA will be spudded on or around 16 April 2026. Union Jack currently holds a 43% interest. The Company's share of the drilling costs have already been funded. Crossroads will penetrate a large, 100 acre structure in the prolific Oil Creek Sand, Estimated recoverable resource by the Operator over multiple target zones of 1,670,000 barrels of oil gross, Crossroads is a large four-way dip closed structure mapped on 3D seismic. New Risk • Mar 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Minor Risks Paying a dividend despite having no free cash flows. Revenue is less than US$5m (UK£2.9m revenue, or US$3.9m). Market cap is less than US$100m (UK£7.47m market cap, or US$10.0m). Board Change • Jan 13
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Donald Phillips was the last independent director to join the board, commencing their role in 2026. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 12
Union Jack Oil plc Announces Board Changes, Effective 12 January 2026 Union Jack Oil plc announced the appointment of Dr. Donald Zac Phillips ("Zac") and John Americanos as Non-Executive Directors to the Board of Union Jack with immediate effective 12 January 2026. Dr Phillips, who will join the Board as an independent Non-Executive Director, is a senior energy executive and advisor with extensive experience in the oil and gas sector, advising on asset evaluation, project development and corporate strategy. He is currently a Director of TomCo Plc and provides oil and gas advisory services to investment banks through his company Oil and Gas Advisors Limited. Zac has previously worked for companies such as BP, Chevron, DB Petroleum, Merrill Lynch and ING Barings. Dr Phillips is a chemical and petroleum engineer, holding a Masters in Petroleum Engineering and a PhD in Chemical Engineering. He is also a Member of the Institute of Chemical Engineers, a Member of the Society of Petroleum Engineers and a Member of the American Association of Petroleum Geologists. Zac has been providing the Board with independent evaluation support for a number of years. Mr. Americanos, who will join the Board as a Non-Executive Director, is a Chartered Certified Accountant (FCCA) and a founder and Director of John Alexander Ltd. which focuses on the provision of accountancy services to businesses and sole traders. John also has significant experience in UK and international property development. The Company also announces that Craig Howie's office as a Director of the Company has been vacated by a resolution of the Board with immediate effective 12 January 2026. Dr Donald Zac Phillips, aged 53, currently holds and has held in the prior five years the following directorships: Oil & Gas Advisors Limited, TomCo Plc, Birkdale Consultants Limited, Birkdale Energy Limited, and OGA Capital Limited. John Alec Americanos, aged 62, currently holds and has held in the prior 5 years the following directorships: John Alexander Ltd, Americo Ltd, Americo 2022 Ltd, Property Global Management Ltd, DJM Properties Ltd, and John Alexander Management Services Ltd. New Risk • Dec 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Market cap is less than US$10m (UK£3.52m market cap, or US$4.72m). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.4% average weekly change). Revenue is less than US$5m (UK£2.9m revenue, or US$3.9m). Announcement • Nov 06
Union Jack Oil plc Provides an Update on the Sark Well, Located in Central Oklahoma, USA Union Jack Oil plc announced that, further to the Company's announcement of 24 September 2025, the Company is providing an update on the Sark well ("Sark"), located in Central Oklahoma, USA. Union Jack holds a 53% interest in Sark. Sark was drilled to a Total Depth of 5,391 feet and the Prue interval was highlighted on electric logs as hydrocarbon bearing following evaluation. Temporary production facilities were installed and a 30-day test programme was undertaken. The production test of the Prue Sandstone failed to produce commercial hydrocarbons. Post well analysis indicates the Sark well encountered a valid structural closure, however, the trap was subsequently breached. New Risk • Oct 09
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: UK£629k Forecast net loss in 1 year: UK£747k This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings are forecast to decline by an average of 52% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Market cap is less than US$10m (UK£7.11m market cap, or US$9.53m). Minor Risks Paying a dividend despite having no free cash flows. Currently unprofitable and not forecast to become profitable next year (UK£747k net loss next year). Revenue is less than US$5m (UK£2.9m revenue, or US$3.9m). Price Target Changed • Oct 02
Price target decreased by 23% to UK£0.23 Down from UK£0.30, the current price target is provided by 1 analyst. New target price is 389% above last closing price of UK£0.047. Stock is down 66% over the past year. The company is forecast to post a net loss per share of UK£0.0029 compared to earnings per share of UK£0.0061 last year. Announcement • Sep 24
Union Jack Oil plc Provides an Update on the Sark Well, Located in Central Oklahoma, USA Union Jack Oil plc provided an update on the Sark well ("Sark"), located in Central Oklahoma, USA. Union Jack currently hold a 60% interest in Sark. Sark was drilled to a Total Depth of 5,391 feet. The Prue interval was highlighted on electric logs as hydrocarbon bearing following evaluation. The Prue interval was perforated from 4,586 to 4,600 feet. During swabbing oil was recovered. Temporary production facilities are being installed and Sark will undergo a 30-day test programme, commencing early October 2025. Results from the test programme will be reported on completion. Announcement • Aug 09
Union Jack Oil plc Provides Operations Update on West Newton Union Jack Oil plc provided the following update on West Newton, including initial plans for early monetisation of gas production through a new cryptocurrency mining operation. Union Jack holds a 16.665% working interest in PEDL183, that incorporates the West Newton gas discoveries and is operated on behalf of the Joint Venture partners by Rathlin Energy (UK) Ltd. ("Rathlin"). Rathlin has conducted a feasibility study and evaluated the potential for an early development and monetisation strategy, using gas to be produced from the existing discovery wells to generate on-site electricity to power cryptocurrency mining activities. Rathlin, on behalf of the Joint Venture partnership which also includes Reabold Resources plc, has entered into a non-binding Letter of Intent ("LOI") with a Texas-based company, 360 Energy Inc. (" 360 Energy") to design a Bitcoin mining solution at West Newton, subject to regulatory and third-party approvals. The Joint Venture partners believe that cryptocurrency mining offers an innovative and significant near-term value generating opportunity, providing early production and cash flow in advance of any planned full gas field development decision Bitcoin Mining Evaluation. Rathlin, along with its Joint Venture partners, has been evaluating ways of generating additional value through early production schemes, ahead of any longer-term full gas field development. In particular, Rathlin has been looking at development concepts that would co-locate gas-powered generators and cryptocurrency mining equipment at the West Newton A and B sites, which would be fuelled by the natural gas produced at those locations. On behalf of the Joint Venture partnership, Rathlin has entered into a non- binding LOI with 360 Energy, a natural gas offtake and monetisation provider, headquartered in Austin, Texas, USA. Under the terms of the LOI, both parties will work to scope, design and subject to regulatory and third- party approvals, deploy 360 Energy's proven In-Field Computing ("IFC") technology, designed to convert natural gas produced at West Newton to power on-site data centres, generating revenues from Bitcoin production. Whilst at an early conceptual stage, preliminary economic estimates indicate that cryptocurrency mining could deliver very attractive returns. The LOI envisages the IFC initially being deployed at the West Newton A site, converting natural gas from the WNA-2 well into Bitcoin, subsequently being expanded to encompass other discoveries. Announcement • Jul 23
Union Jack Oil plc has completed a Follow-on Equity Offering in the amount of £2 million. Union Jack Oil plc has completed a Follow-on Equity Offering in the amount of £2 million.
Security Name: Ordinary shares
Security Type: Common Stock
Securities Offered: 40,000,000
Price\Range: £0.05
Security Features: Attached Warrants
Transaction Features: Subsequent Direct Listing Announcement • Jul 02
Union Jack Oil plc Announces Resumption of Production At Keddington Oilfield Union Jack Oil plc announced that following major site upgrades during 2024 and 2025, production has recommenced at the Keddington Oilfield. During June 2025, Keddington produced a total of 992 barrels of oil over 23 days of timed pumped production averaging 10.4 hours per day with an average flow-rate of 43 barrels per day gross during the period. The newly installed equipment and facilities are working well and continue to be fine-tuned to optimise production.
Union Jack holds a 55% interest in Keddington. Price Target Changed • Jun 19
Price target decreased by 56% to UK£0.30 Down from UK£0.68, the current price target is provided by 1 analyst. New target price is 224% above last closing price of UK£0.092. Stock is down 45% over the past year. The company posted earnings per share of UK£0.0061 last year. Reported Earnings • May 19
Full year 2024 earnings released: UK£0.006 loss per share (vs UK£0.008 profit in FY 2023) Full year 2024 results: UK£0.006 loss per share (down from UK£0.008 profit in FY 2023). Revenue: UK£3.93m (down 22% from FY 2023). Net income: UK£649.2k (down 24% from FY 2023). Profit margin: 17% (in line with FY 2023). Revenue is forecast to grow 37% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Announcement • May 19
Union Jack Oil plc, Annual General Meeting, Jun 27, 2025 Union Jack Oil plc, Annual General Meeting, Jun 27, 2025. Location: the george white suite, the bristol hotel, prince street, bs1 4qf, bristol United Kingdom Announcement • Mar 04
Union Jack Oil plc Announces Positive Update on the Testing of the Moccasin 1-13 Well, Pottawatomie County, Oklahoma, USA Union Jack Oil plc announced, further to the RNS dated 25 February 2025, a positive update on the testing of the Moccasin 1-13 well ("Moccasin"), located in Pottawatomie County, Oklahoma, USA. Union Jack holds a 45% working interest in this well. Reach Oil & Gas Company Inc. ("Reach"), the Operator, holds the remaining 55% working interest. The primary objective, the 1st Wilcox formation was perforated, tested and confirmed as a significant oil producer, free flowing under natural pressure, with no formation water present and minimal associated gas. Initial open hole average flow rate over several test periods and a number of days was recorded at 25.88 barrels of oil per hour equating to 621 barrels of oil per day. Moccasin is currently being evaluated under highly restricted flow using various choke sizes and has produced over 140 barrels per day of light crude oil with an API of 32 degrees, under a 13/64 choke (approximately 0.2 of an inch). During this evaluation phase, Moccasin will be further restricted with a smaller choke to monitor pressure to determine the production rate for maximum ultimate oil recovery. The installation of permanent production facilities, comprising oil storage tanks, separator and flowlines is complete and oil sales have commenced. Moccasin confirms the trapping of hydrocarbons in multiple zones within the structure. Two other zones, the Red Fork and the Bartlesville Sandstones to be perforated and evaluated in due course. Moccasin drill and completion costs have already been funded from the Company's cash resources. Moccasin, now declared a commercial discovery, was drilled to a Total Depth of 5,690 feet to test a dip and fault closed structure, mapped from 3D seismic, downthrown on the west side of the Wilzetta fault. Moccasin was an untested structural prospect with secondary targets in the Pennsylvanian Sands. The Moccasin structure is a compressive feature, associated with the regional Wilzetta Fault. This strike-slip fault was active through the Ordovician to early Carboniferous periods and is responsible for several large oil accumulations. The Woodford Shale, the main source for light oil across the region is present within the Moccasin structure and between the primary reservoir targets. Announcement • Feb 25
Union Jack Oil plc Announces Positive Update on the Testing of the Moccasin 1-13 Well Union Jack Oil plc announced, further to the RNS dated 29 January 2025, a positive update on the testing of the Moccasin 1-13 well ("Moccasin"), located in Pottawatomie County, Oklahoma, USA. Union Jack holds a 45% working interest in this well. Reach Oil & Gas Company Inc. ("Reach"), the Operator, holds the remaining 55% working interest. Moccasin has been declared a commercial discovery; Moccasin was drilled to a Total Depth of 5,690 feet to test a dip and fault closed structure, mapped from 3D seismic, downthrown on the west side of the Wilzetta fault; Several intervals were highlighted on electric logs as hydrocarbon bearing following evaluation; The primary target was perforated, tested and confirmed as a significant oil producer with no formation water present; Initial oil flows and log interpretation indicate excellent reservoir permeability with oil recovery rates of over 40% to be expected; Light oil with minimal associated gas recovered; The installation of permanent production facilities has commenced; Moccasin confirms the trapping of hydrocarbons in multiple zones within the structure; Test programme ongoing with two other zones to be perforated and evaluated in due course;Moccasin drill and completion costs have already been funded from the Company's cash resources. Announcement • Jan 29
Union Jack Oil plc Announces Positive Update on the Moccasin 1-13 Well, Pottawatomie County, Oklahoma, USA Union Jack Oil plc announced a positive update on the Moccasin 1-13 well, located in Pottawatomie County, Oklahoma, USA. Union Jack holds a 45% working interest in this well. Moccasin drilled on budget to Target Depth of 5,690 feet. Electric logs have been acquired and several zones of interest and test intervals have been identified. Production casing has been run and cemented. The technical team at Reach Oil and Gas Company Inc., the Operator, have informed Union Jack that evaluation and testing will begin on or around 3 February 2025. Moccasin drill and completion costs have already been funded from the Company`s cash resources. Moccasin was an untested 3D seismic supported Hunton and Wilcox structure with secondary targets in Pennsylvanian Channel Sands and Base Pennsylvanian Unconformity Sand. The Moccasin structure is a compressive feature, associated with the regional Wilzetta Fault. This strike-slip fault was active through the Ordovician to early Carboniferous periods and is responsible for several large oil accumulations. The Woodford Shale, the main source for light oil across the region is present within the Moccasin structure and between the primary reservoir targets. In the area of the Moccasin well, a deviation in the fault has caused compressive forces forming numerous dome and fault structures which have led to proven oilfields, such as the adjacent productive North-East Shawnee and North-West Redhill fields. Announcement • Nov 26
Union Jack Oil plc Announces Positive Drilling Update in Respect of the Taylor 1-16 Well Union Jack Oil plc announced a positive drilling update in respect of the Taylor 1-16 well (Taylor), located in Seminole County, Oklahoma, USA, in which Union Jack holds a 45% working interest. The Taylor well was drilled to a Total Depth of 4,577 feet and electric logs were acquired. The main objective for this well, the Hunton Limestone (Hunton) interval, was encountered at 4,168 feet and is confirmed to be hydrocarbon-bearing and appears highly porous and permeable. Production casing has been run and cemented and the rig released. The technical team at Reach Oil and Gas Company Inc., the Operator, is currently planning the completion programme which is expected to commence in early December 2024. Two other potential secondary intervals were observed, the Cromwell Sand and Misener Sand. These intervals will be evaluated at a later date. Announcement • Oct 30
Union Jack Oil plc Announces Spudding of Taylor-1 Well, Oklahoma, USA Union Jack Oil plc announced that it has been informed by the Operator, Reach Oil and Gas Company Inc. ("Reach") that the spudding of the Taylor-1 well ("Taylor"), located in Seminole County, Oklahoma, USA is expected on or around 31 October 2024. Union Jack holds a 45% working interest in this well. The Taylor-1 well is an untested 3D seismic supported Hunton Remnant prospect with secondary targets in the Misener and Wilcox sands. Wilcox structures to the north and the east of Taylor were prolific in 1920s, producing in the thousands of barrels of oil per day. Historically, there have been several regional, high-profile fields such as the Bowlegs field that produced 195 million barrels of oil from the Hunton, Wilcox and Misener reservoirs. Reach estimates the geological chance of success to be 40%. Taylor will be followed as soon as possible by the drilling of the Moccasin well ("Moccasin") in which Union Jack hold a 45% working interest. Moccasin is an untested 3D seismic supported Hunton and Wilcox structure with secondary targets in Pennsylvanian Channel Sands and Base Pennsylvanian Unconformity Sand. The Moccasin structure is a compressive feature, associated with the regional Wilzetta Fault. This strike-slip fault was active through the Ordovician to early Carboniferous periods and is responsible for several large oil accumulations. The Moccasin structure lies close to the Woodford Shale, the main source for light oil across the region. In the area of the Moccasin well, a deviation in the fault has caused compressive forces forming numerous dome and fault structures which have led to proven oilfields, such as the adjacent North-East Shawnee and North-West Redhill fields that have produced more than 6 million barrels of oil. Reach assesses a high chance of finding movable hydrocarbons in the Base Pennsylvanian Sands and an approximate 50% chance of success in other target zones. Taylor and Moccasin drilling and completion costs are being funded from the Company`s existing cash resources. New Risk • Oct 07
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: UK£3.8m (US$5.0m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (30% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.6% average weekly change). Revenue is less than US$5m (UK£3.8m revenue, or US$5.0m). Market cap is less than US$100m (UK£14.9m market cap, or US$19.5m). Reported Earnings • Sep 27
First half 2024 earnings released: EPS: UK£0.007 (vs UK£0.005 in 1H 2023) First half 2024 results: EPS: UK£0.007 (up from UK£0.005 in 1H 2023). Revenue: UK£2.34m (down 35% from 1H 2023). Net income: UK£789.0k (up 38% from 1H 2023). Profit margin: 34% (up from 16% in 1H 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 1.2% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. New Risk • Sep 23
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (30% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (UK£15.5m market cap, or US$20.6m). Announcement • Sep 16
Union Jack Oil plc Announces Wressle Receipt of Planning Approval for Further Development Union Jack Oil plc announced that planning consent has been received from North Lincolnshire Council for the further development of the Wressle well site. The approved works will include extending the existing site to accommodate the drilling of two new wells, construction of gas processing facilities and an underground gas pipeline to connect Wressle to the local gas distribution network. The Wressle field is located in onshore licences PEDL180 and PEDL182, situated on the western margin of the Humber Basin, North Lincolnshire. Union Jack holds a 40% interest in the Wressle development. Announcement • Jul 18
Union Jack Oil plc Announces Positive Drilling Update in Respect of the Andrews 2-17 Well, Located in Seminole County, Oklahoma, United States Union Jack Oil plc announced a positive drilling update in respect of the Andrews 2-17 well, located in Seminole County, Oklahoma, United States in which Union Jack holds a 45% working interest. Further to the spud announcement of 10 July 2024, the Andrews 2-17 well was drilled to a Total Depth of 4,850 feet. The main objective for this well, the Hunton Limestone, is confirmed to be present and was penetrated at approximately 4,180 feet (Measured Depth), showing promoted gas readings, good oil and gas shows, stain and fluorescence from top to bottom of the interval and is hydrocarbon bearing as interpreted from the wireline logs. Completion and production testing of the Andrews 2-17 well is scheduled to commence within the next 14 days. The Hunton Limestone is one of the main hydrocarbon reservoirs in Oklahoma and is unconformably overlain by the main oil-prone source rock, the prolific Woodford Shale. Drilling and completion costs have already been paid for from the Company's cash resources. Announcement • Jul 10
Union Jack Oil plc Announces Spudding of Andrews 2-17 Well Union Jack Oil plc reported, further to the company's announcement dated 11 June 2024, that it has been informed by the Operator, Reach Oil & Gas Company Inc. ("Reach") that the Andrews 2-17 well, located in Seminole County, Oklahoma, USA, has been spudded. Union Jack hold a 45% working interest in the Andrews 2-17 well. Andrews 2-17 well has an Operator estimated geological chance of success of circa 80% · Approximate eight-day drilling period to a depth of circa 4,700 feet. · Completion time is swift; approximately eight days including perforating and flow-back if successful. This up-dip (located up the slope) offset well to Andrews 1-17 is expected to encounter a similar reservoir above the oil/water contact seen in that commercial discovery well. On success, the 2-17 well will share common production facilities with the Andrews 1-17, thereby lowering costs and optimising project economics. Union Jack paying pro-rata 45% share of well costs - no promote or back charges. Drilling and completion costs of circa USD 340,000 net, already paid from the Company's existing cash resources. The target for this well is the Hunton Limestone, one of the main hydrocarbon reservoirs in Oklahoma. The Hunton Limestone is unconformably overlain by the main oil-prone source rock, the Woodford Shale and is in an excellent position for the migration of oil. Primary oil recovery is expected to be by solution gas drive with any gas recovered to surface being sold into the local network. Reach is an accredited operator in the USA, owning and operating oil and gas production facilities in Seminole and Pottawatomie Counties in Oklahoma. All prospects are generated by Reach which owns modern seismic data acquisition equipment, supplied by a UK based company Stryde Limited. Announcement • Jun 13
Union Jack Oil plc (AIM:UJO) acquired 45% stake in Rogers Enhanced Oil Recovery Project in Seminole County, Oklahoma from Reach Oil and Gas Company, Inc. for $0.105 million. Union Jack Oil plc (AIM:UJO) acquired 45% stake in Rogers Enhanced Oil Recovery Project in Seminole County, Oklahoma from Reach Oil and Gas Company, Inc. for $0.105 million on June 11, 2024. Gneiss Energy Limited acted as financial advisor for Union Jack Oil plc. Jon Fitzpatrick and Paul Weidman of Gneiss Energy Limited, Matthew Johnson, Kasia Brzozowska and Richard Hail of SP Angel Corporate Finance LLP, Toby Gibbs and Harry Davies-Ball of SP Angel Corporate Finance LLP served as financial advisor to Union Jack Oil plc (AIM:UJO).
Union Jack Oil plc (AIM:UJO) completed the acquisition of 45% stake in Rogers Enhanced Oil Recovery Project in Seminole County, Oklahoma from Reach Oil and Gas Company, Inc. on June 11, 2024. Announcement • May 25
Union Jack Oil plc Publishes Positive Conclusions of A Carbon Intensity Study on the West Newton Gas Development Union Jack Oil plc publish the positive conclusions of a Carbon Intensity Study on the West Newton gas development, located within PEDL 183 onshore UK in East Yorkshire. This study was undertaken on behalf of Union Jack and Reabold Resources plc ("Reabold"), by GaffneyCline & Associates Limited ("GaffneyCline"), an international petroleum and energy consultancy. Union Jack holds a 16.665% interest in PEDL 183 that includes the West Newton hydrocarbon discoveries. The GaffneyCline Report highlighted the following: The West Newton project has an AA rating for Carbon Intensity for its potential upstream gas and condensate production; Carbon Intensities at the West Newton field are significantly lower than the UK average compared to other onshore and onshore analogues; Based on the study, GaffneyCline estimates that West Newton could produce the equivalent of just 2.87 grams of CO2 per megajoule of energy developed (gCO2 eq./MJ); As the development proceeds and project knowledge increases, there is potential to further improve the Carbon Intensity by further reducing fugitive flaring and venting emissions and by gas-to-grid development. Union Jack's focus is to minimise emissions and the carbon footprint generated by its hydrocarbon developments in the most efficient way possible, whilst continuing to contribute positively to the growing demand for energy and hydrocarbon products in the supply chain. The demand for energy is increasing and, as the global economy recovers, hydrocarbons will continue to play an ongoing part in ensuring the energy security of the UK. Union Jack's development projects are located close to areas with a high demand for energy. As a consequence, the Company believes that locally produced hydrocarbons may provide the benefit of displacing, to some extent, imported hydrocarbons. The Carbon Intensity on the West Newton gas development project was calculated by GaffneyCline, using a tool called the Oil Production Greenhouse Gas Emissions Estimator ("OPGEE"), developed at Stanford University with support from GaffneyCline. This tool is used, amongst other applications, by the California Air Resources Board for regulation of transport fuel related Green House Gas ("GHG") emissions. The OPGEE tool selects parameters from a range of 'smart' defaults, however, these are not always optimal for specific fields. GaffneyCline was then able to harness appropriate parameters available from their proprietary Global database of Carbon Intensity evaluations for over 9,000 gas and oil fields, categorised with metadata for analogue field identification, and a classification system for recovery mechanism. Analysis of the results of this GaffneyCline study concludes that a West Newton gas development will have carbon intensities significantly lower than the UK average and compared to other onshore analogues. As recommended by the study, the gas and condensate development of West Newton will seek to further reduce the project's Carbon Intensity through the utilisation of the best available techniques, including Gas-to-Grid technologies and stringent engineering specifications to minimise any venting, flaring or fugitive emissions. Reported Earnings • May 21
Full year 2023 earnings released: EPS: UK£0.008 (vs UK£0.032 in FY 2022) Full year 2023 results: EPS: UK£0.008 (down from UK£0.032 in FY 2022). Revenue: UK£5.07m (down 41% from FY 2022). Net income: UK£859.1k (down 76% from FY 2022). Profit margin: 17% (down from 42% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. New Risk • May 20
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (9.1% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (UK£24.2m market cap, or US$30.8m). Declared Dividend • May 16
Dividend of UK£0.0025 announced Shareholders will receive a dividend of UK£0.0025. Ex-date: 4th July 2024 Payment date: 26th July 2024 Dividend yield will be 1.1%, which is lower than the industry average of 6.7%. Sustainability & Growth The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Earnings per share has grown by 54% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • May 15
Union Jack Oil plc Declares a Dividend, Payable on 26 July 2024 Union Jack Oil plc announced that its Board declared a dividend of 0.25 pence per ordinary share with a London Stock Exchange ex-dividend date of 4 July 2024, a record date of 5 July 2024 and a payment date of 26 July 2024. Announcement • May 08
Union Jack Oil plc Provides Positive Andrews 1-17 Well Update Union Jack Oil plc announced, further to the RNS published on 8 April 2024, a positive update in respect of the Andrews 1-17 well, drilled to test the West Bowlegs Prospect, located in Seminole County, Oklahoma, United States. Union Jack holds a 45% working interest in this well, including an associated area on the licence. The primary target for the Andrews 1-17 well, the Hunton Limestone ("Hunton"), one of the main hydrocarbon reservoirs in Oklahoma, was penetrated at approximately 4,200 feet, showing high porosity, elevated gas readings, with good reservoir quality being interpreted on the wireline logs. The total depth of the Andrews 1-17 well was 4,600 feet. The Hunton is unconformably overlain by the main oil-prone source rock, the Woodford Shale and is in an excellent position for the migration of oil. Testing of the Andrews 1-17 well is ongoing and further announcements will be made in the coming weeks after the well has cleaned-up and oil and gas production rates are optimised, following the installation of permanent production facilities. Union Jack has now earned its 45% working interest across the associated licence area and going forward will only pay its working interest share of any future drilling and development costs. Announcement • Apr 23
Union Jack Oil plc, Annual General Meeting, Jun 27, 2024 Union Jack Oil plc, Annual General Meeting, Jun 27, 2024. Announcement • Apr 19
Union Jack Oil plc to Report Fiscal Year 2023 Results on May 20, 2024 Union Jack Oil plc announced that they will report fiscal year 2023 results on May 20, 2024 Announcement • Apr 09
Union Jack Oil plc Provides Andrews 1-17 Drilling Update Union Jack Oil plc announced a positive drilling update in respect of the Andrews 1-17 well, to test the West Bowlegs Prospect, located in Seminole County, Oklahoma, United States in which Union Jack holds a 45% working interest. Further to the spud announcement of 28 March 2024, the Andrews 1-17 well was drilled to a total depth of 4,600 feet. The main objective for this well, the Hunton Limestone, is confirmed to be present and was penetrated at approximately 4,200 feet, showing high porosity and elevated gas readings, with good reservoir quality being interpreted on the wireline logs. The Dan D2 drilling rig has now been demobilised and completion and production testing of the Andrews 1-17 well is scheduled to commence within the next 14 days. The Hunton Limestone is one of the main hydrocarbon reservoirs in Oklahoma and is unconformably overlain by the main oil-prone source rock, the prolific, Woodford Shale. Drilling and completion costs have already been paid for from the Company's cash resources. Further announcements will be made when more information becomes available. New Risk • Apr 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (7.6% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (UK£22.4m market cap, or US$28.3m). Announcement • Mar 29
Union Jack Oil plc ORD GBP 0.05 Deleted from OTC Equity Union Jack Oil plc ORD GBP 0.05 (United Kingdom) has been deleted from OTC Equity effective March 28, 2024, due to Other Reasons. New Risk • Mar 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Short dividend paying track record (1 year of continuous dividend payments). Large one-off items impacting financial results. Market cap is less than US$100m (UK£15.5m market cap, or US$19.5m). Announcement • Mar 28
Union Jack Oil plc Announces Drilling Update - Andrews-1-17 Well Spudded Union Jack Oil plc announced further to its announcement dated 11 March 2024, that the Company has been informed by the Operator, Reach Oil & Gas Company Inc. ("Reach"), that the drilling rig is on location and that theAndrews-1-17 well has now spudded. The Andrews-1-17 well will test the West Bowlegs Prospect, located in Seminole County, Oklahoma, USA in which Union Jack hold a 45% working interest: Andrews-1-17 well has a geological chance of success estimated by the Operator to be 75%; Approximate ten-day drilling period to a depth of 5,200 feet and Completion time is swift, estimated at approximately a further eight days including perforating and flow-back, if successful. A further update will be given following the Andrews-1-17 well reaching its intended total depth of 5,200 feet, prior to the commencement of wireline logging operations, completion, perforation and testing, if successful. Announcement • Mar 12
Union Jack Oil plc Announces Spudding of Andrews-1-17 Well West Bowlegs Oklahoma, USA Union Jack Oil plc announced that, further to its announcement dated 6 February 2024, that the Company has been informed by the Operator, Reach Oil & Gas Company Inc. (Reach), that a drilling contract has been signed with a local contractor, groundworks have been completed and a spud date on or around 20 March 2024 is anticipated in respect of the drilling of the Andrews-1-17 well to test the West Bowlegs Prospect, located in Seminole County, Oklahoma, USA. Union Jack holds a 45% working interest in the Andrews-1-17 well. Andrews-1-17 well has a geological chance of success estimated by the Operator to be 75%. Approximate ten-day drilling period to a depth of 5,200 feet. Completion time is swift; approximately eight days including perforating and flow-back if successful. The target for this well is the Hunton Limestone. The Hunton Limestone is unconformably overlain by the main oil-prone source rock, the Woodford Shale and is in an excellent position for the migration of oil. Oil-filled porosity is encountered within a basal Oolite limestone formation in wells within a mile of the first drill location for the Andrews-1-17 well and this is believed to be the main reservoir within West Bowlegs. West Bowlegs is associated with a remnant of the Hunton Limestone and is expected to be at original pressure with the seal for the reservoir being the Woodford Shale and lateral seal against the underlying Sylvan Shale. Primary oil recovery is expected to be by solution gas drive with any gas recovered to surface being sold into the local network. Announcement • Feb 27
Union Jack Oil plc Provides West Newton Drilling Update Early Gas Development Plan Union Jack Oil plc offer a positive update in respect of planned future drilling and the potential development at West Newton PEDL183, in which the Company holds a 16.665% economic interest. West Newton is located onshore UK in East Yorkshire, within the Western Sector of the Southern Zechstein Basin which contains the significant West Newton A1, A2 and WNB-1z discoveries. Following several months of technical evaluation, the West Newton Joint Venture partners, Union Jack, Reabold Resources plc and Rathlin Energy UK Ltd. have agreed a revised drilling programme utilising the West Newton A drilling site. A proposed well ("WN-A3") planned to be drilled during late 2024 will be twinned with the West Newton A-1 discovery well ("WN-A1"), which was not tested. WN-A1 is interpreted as having a 27 metre gas column within the Kirkham Abbey formation ("KA Formation") as indicated on the logs of the WN-A1 well. WN-A3 will be directional, offering significant cost savings compared with a horizontal well. An additional material secondary target in the deeper Permian Rotliegend Sandstone will also be evaluated during drilling of the WN-A3 or by the re-entry of WN-A1. A feasibility study is underway for a single gas well development plan at WN-A3 well to follow successful testing and well completion. Planning is already in place to drill and produce from the WNA Site whilst other associated approvals are being accelerated. Revised drilling plan is cost-effective with an above average chance of success, offering a rapid early-stage development scenario with access to significant early cash flows if successful. The WN-A1 well, drilled in 2013, is interpreted as having encountered 27 metres of potential gas pay at the top of the KA Formation. This figure was calculated from the Computer Petrophysical Interpretation ("CPI"), using electrical and mud logs over the interval. The KA Formation was perforated and cleaned using 15% hydrochloric acid. After removal of the acidising work-string and during preparation to run the production work-string the well started to flow fluid and the blind rams were closed for safety reasons to establish control of the well. After numerous clean up attempts failed, WN-A1 was subsequently shut-in and suspended under normal operational and safety procedures. The conclusion drawn from these well operations was that due to severe damage to the KA Formation it was not possible to obtain a valid hydrocarbon production test to surface of the 27 metre pay-zone shown on the CPI log. A re-evaluation of the downhole logs of WN-A1 by the Joint Venture's technical teams also indicates a possible seven metre gas column in the Permian Rotliegend Sandstone, the main reservoir for the prolific Southern Gas Basin gasfields. The gas is sourced from the underlying Westphalian and Namurian sediments trapped in structures sealed by the overlying Zechstein evaporites. Preliminary mapping of the base Zechstein at West Newton indicates low-relief structures as observed offshore. The nearest offshore Rotliegend field was the Amethyst complex centred on block 47/14a within the Southern Gas Basin, containing 1.2 trillion cubic feet of gas in place, producing approximately 795 billion cubic feet of gas and 5.4 million barrels of condensate, from a series of low-relief structures trending South-East to North-West. Within the UK onshore, the Caythorpe field, approximately 30 kilometres north of West Newton produced 6.67 bcf of gas with associated condensate from the Rotliegend, displaying porosities up to 19% and permeability up to 500md, with gas also being produced from the overlying Zechstein. Calculations for the Rotliegend zone in WN-A1 indicate similar porosities to those seen at Caythorpe. Core was not cut from the WN-A1 well, however, the logs indicate drilling mud invasion over the Rotliegend interval which is taken to indicate effective permeability. Residual gas is also calculated below the base of the seven-metre gas column in the Rotliegend Sandstone. A feasibility study is being undertaken by independent energy consultants CNG Services Limited on a single well development and gas export plan associated with WN-A3 to follow successful testing ("West Newton Gas Export Feasibility Study"). The scope of the West Newton Gas Export Feasibility Study is to determine the technical and economic viability of a single well development plan, with production from WN-A3, processed from a modular plant and a 3.5 kilometre pipeline from the WNA Site to the National Transmission System, at an existing above-ground installation. Commercial gas production could be brought to market within months of a successful production test, resulting in a materially reduced capital investment which provides significant early cash flow whilst additional activity is carried out on the further development of the West Newton project. Announcement • Dec 21
Union Jack Oil plc Provides an Update in Respect of the UK Onshore Wressle-1 Well Union Jack Oil plc provided an update in respect of the UK onshore Wressle-1 well. Environment Agency approval has been received that allows higher volumes of fluid to be handled at surface and at nearby water disposal facilities, since 14 December 2023 Prior to EA approval, production was constrained to delivering an average of 550 barrels of oil per day ("bopd") From 14 December 2023, the surface pump rate has been incrementally increased, resulting in a material uplift in oil production rates, with a gross average rate of 670 bopd since then, and 674 bopd recorded on 17 December 2023, over a 24 hour period Jet pump is capable of handling up to 1,440 barrels of fluid per day Notwithstanding the increasing oil production trend, production rates will be carefully monitored, whilst the flow rate is gradually increased over the coming weeks to determine the optimum oil flow rate as the well stabilises Site upgrades are ongoing Updated Wressle Competent Person's Report ("CPR") will be published during January 2024 Union Jack holds a 40% economic interest in PEDL180 and PEDL182. Announcement • Oct 18
Union Jack Oil plc Provides an Update on Wressle-PEDl180/182 Union Jack Oil plc announce that workover operations on the Wressle-1 well to install a downhole jet pump and recomplete the well have been successfully concluded. The workover rig has been demobilised from the Wressle site. A new surface Triplex pump has been purchased and has been installed and connected. The final stages of the surface facilities upgrades are nearing completion. The re-instatement of production operations at Wressle-1 well is currently expected during the week commencing 23 October 2023. Union Jack hold a 40% economic interest in PEDL180/182. Announcement • Sep 28
Union Jack Oil plc Provides an Update on West Newton PEDL183 Union Jack Oil plc provided an update on West Newton PEDL183, in which the Company holds a 16.665% economic interest. The Company has been informed that the Environment Agency has issued the variation of the permit for the West Newton B wellsite, which allows for the use of oil-based fluids within the Permian formations during drilling and testing operations. Independent technical studies have clearly demonstrated that the use of oil-based drilling fluids will be a key factor in enhancing flow rates from wells drilled in the West Newton field. Plans for the proposed horizontal well from the West Newton B site are underway and commencement of operations is targeted for first half 2024. Well path selection and the engineered design have been completed, wellbore casing has been purchased and the Operator, Rathlin Energy (UK) Limited, has approached drilling rig and other key service contractors to determine their availability. Announcement • Sep 17
Petrichor Partners LP completed the acquisition of remaining 56% stake in Egdon Resources plc (AIM:EDR ) from group of sellers and others. Petrichor Partners LP agreed to acquire remaining 56% stake in Egdon Resources plc (AIM:EDR ) from group of sellers and others for £13.7 million on May 17, 2023. Egdon shareholders will be entitled to receive 4.5 pence cash for each Egdon share. The acquisition will be effected by means of a Scheme of Arrangement. The cash consideration payable by Petrichor under the terms of the acquisition will be funded from the existing cash resources of Petrichor which are drawn and fully funded. Petrichor intends that existing employees of Egdon will continue to contribute to Egdon's ongoing success and does not intend to make any headcount reductions.
Petrichor has received irrevocable undertakings, from the Egdon Directors; Mark Abbott, Kenneth Ratcliff, Philip Stephens, Walter Roberts, Timothy Davies and Martin and from Harbour Energy plc and Union Jack Oil plc, in respect of, in aggregate, 77,382,106 Egdon shares, representing approximately 14.23%. The Egdon Directors intend to recommend unanimously that scheme shareholders vote in favour of the scheme at the Court Meeting and at the Genera Meeting. The scheme is subject to Egdon shareholder’s approval, Court approval, Third Party clearances, to the applicable requirements of the Takeover Code, the Panel, the London Stock Exchange, the AIM Rules and the FCA. As of August 29, 2023, the North Sea Transition Authority condition for has been satisfied. As of September 12, 2023, at the court sanction hearing held earlier today the High Court of Justice of England & Wales issued the court order sanctioning the scheme. The acquisition is expected to become effective in the third calendar quarter of 2023. As of September 12, 2023, the scheme is expected to become effective on September 14, 2023.
Andrew Raca and Evon Chan of VSA Capital provided independent financial advice to the Egdon Directors. Antonio Bossi, Chris Hardie and James Bavister of WH Ireland Limited acted as nominated adviser and Norton Rose Fulbright LLP acted as legal adviser to Egdon. Andrew Emmott and Neil Baldwin of SPARK Advisory Partners Limited acted as financial adviser and Fieldfisher LLP acted as legal adviser to Petrichor. DWF Law LLP is acting as legal adviser to SPARK in connection with the acquisition. Dwf Law Llp acted as legal advisor to Petrichor, Andrew Emmott and Neil Baldwin of SPARK Advisory Partners Limited acted as financial advisors to Petrichor. Link Group acted as registrar of Egdon.
Petrichor Partners LP completed the acquisition of remaining 56% stake in Egdon Resources plc (AIM:EDR ) from group of sellers and others on September 15, 2023. Reported Earnings • Sep 13
First half 2023 earnings released: EPS: UK£0.005 (vs UK£0.018 in 1H 2022) First half 2023 results: EPS: UK£0.005 (down from UK£0.018 in 1H 2022). Revenue: UK£3.58m (down 18% from 1H 2022). Net income: UK£572.3k (down 72% from 1H 2022). Profit margin: 16% (down from 46% in 1H 2022). Revenue is forecast to grow 4.1% p.a. on average during the next 2 years, compared to a 2.6% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Announcement • Sep 01
Union Jack Oil plc Provides Wressle Update Union Jack Oil plc announced that operations have commenced on the Wressle-1 well to install a downhole jet pump and associated surface facilities as part of the planning to optimise future production. Union Jack holds a 40% economic interest in the Wressle development. Operations began with a slickline programme, which has now been completed, where downhole pressure and temperature gradients were acquired. The work programme includes recompleting the well for the installation of a downhole jet pump and the siting of associated surface equipment. The operations are scheduled to take approximately three weeks and production from Wressle-1 is expected to be reinstated during late September 2023. Data obtained from these activities will be incorporated into the ongoing work by ERC Equipoise Ltd. and the expected beneficial impact on production of the artificial lift from the jet pump will be included within their independent Competent Person's Report, the details of which will be announced once this work is completed. Announcement • Jun 23
Union Jack Oil plc, Annual General Meeting, Jun 22, 2023 Union Jack Oil plc, Annual General Meeting, Jun 22, 2023. Agenda: To receive the audited annual accounts of the Company for the year ended 31 December 2022, together with the Directors' Report and the Auditor's Report on those annual accounts; to re-elect Raymond Godson as a director of the Company, who retires by rotation in accordance with the Company's Articles of Association; to re-appoint BDO LLP as auditor of the Company; to authorise the directors to determine the remuneration of the auditor; to authorise the directors to allot equity securities; to authorise the directors to repurchase shares; and to consider other matters. Announcement • May 19
Petrichor Partners LP agreed to acquire remaining 56% stake in Egdon Resources plc (AIM:EDR ) from group of sellers and others for £13.7 million. Petrichor Partners LP agreed to acquire remaining 56% stake in Egdon Resources plc (AIM:EDR ) from group of sellers and others for £13.7 million on May 17, 2023. Egdon shareholders will be entitled to receive 4.5 pence cash for each Egdon share. The acquisition will be effected by means of a Scheme of Arrangement. The cash consideration payable by Petrichor under the terms of the acquisition will be funded from the existing cash resources of Petrichor which are drawn and fully funded. Petrichor intends that existing employees of Egdon will continue to contribute to Egdon's ongoing success and does not intend to make any headcount reductions.
Petrichor has received irrevocable undertakings, from the Egdon Directors; Mark Abbott, Kenneth Ratcliff, Philip Stephens, Walter Roberts, Timothy Davies and Martin and from Harbour Energy plc and Union Jack Oil plc, in respect of, in aggregate, 77,382,106 Egdon shares, representing approximately 14.23%. The Egdon Directors intend to recommend unanimously that scheme shareholders vote in favour of the scheme at the Court Meeting and at the Genera Meeting. The scheme is subject to Egdon shareholder’s approval, Court approval, Third Party clearances, to the applicable requirements of the Takeover Code, the Panel, the London Stock Exchange, the AIM Rules and the FCA. The acquisition is expected to become effective in the third calendar quarter of 2023.
Andrew Raca and Evon Chan of VSA Capital provided independent financial advice to the Egdon Directors. Antonio Bossi, Chris Hardie and James Bavister of WH Ireland Limited acted as nominated adviser and Norton Rose Fulbright LLP acted as legal adviser to Egdon. Andrew Emmott and Neil Baldwin of SPARK Advisory Partners Limited acted as financial adviser and Fieldfisher LLP acted as legal adviser to Petrichor. DWF Law LLP is acting as legal adviser to SPARK in connection with the acquisition. Reported Earnings • May 16
Full year 2022 earnings released: EPS: UK£0.032 (vs UK£0.008 loss in FY 2021) Full year 2022 results: EPS: UK£0.032 (up from UK£0.008 loss in FY 2021). Revenue: UK£8.51m (up 349% from FY 2021). Net income: UK£3.61m (up UK£4.46m from FY 2021). Profit margin: 42% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 2.4% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 4 highly experienced directors. Independent Non-Executive Director Graham Bull was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 07
First half 2022 earnings released: EPS: UK£0.018 (vs UK£0.008 loss in 1H 2021) First half 2022 results: EPS: UK£0.018 (up from UK£0.008 loss in 1H 2021). Revenue: UK£4.38m (up UK£4.14m from 1H 2021). Net income: UK£2.03m (up UK£2.87m from 1H 2021). Profit margin: 46% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 3.4% p.a. on average during the next 2 years, compared to a 5.7% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Price Target Changed • Jun 02
Price target decreased to UK£0.68 Down from UK£1.24, the current price target is provided by 1 analyst. New target price is 143% above last closing price of UK£0.28. Stock is down 23% over the past year. The company posted a net loss per share of UK£0.0083 last year. Reported Earnings • May 17
Full year 2021 earnings released: UK£0.008 loss per share (vs UK£0.022 loss in FY 2020) Full year 2021 results: UK£0.008 loss per share (up from UK£0.022 loss in FY 2020). Revenue: UK£1.89m (up UK£1.74m from FY 2020). Net loss: UK£853.0k (loss narrowed 54% from FY 2020). Over the next year, revenue is forecast to grow 333%, compared to a 23% growth forecast for the oil industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. Independent Non-Executive Director Graham Bull was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 15
First half 2021 earnings released: UK£0.008 loss per share (vs UK£0.011 loss in 1H 2020) First half 2021 results: Net loss: UK£833.4k (loss narrowed 5.9% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 17% per year. Announcement • May 25
Union Jack Oil plc Provides Update on West Newton Mobilisation and Test Activities Update PEDL183 Union Jack Oil plc provided an update on mobilisation of associated equipment and planned test activities at the West Newton B site. PEDL183 is located onshore UK, north of the river Humber, also encompassing the town of Beverley, East Yorkshire, covering an area of 176,000 acres. The licence area is within the western sector of the Southern Zechstein Basin. The West Newton A-1, A-2 and recent B-1Z discoveries are on-trend with the prolific offshore Hewett gas complex. Union Jack holds a 16.665% economic interest in the licence area. On 24 May 2021, equipment required to complete and test the West Newton B-1Z well commenced mobilisation to site. This equipment includes a workover rig, well test package, Certified Ultra-low Emission Burners, a wireline unit and other related materials. The equipment will be rigged-up during the first week of operations, after which completion activities including perforation and well treatment operations will commence. The well test will follow these operations. Overall, the duration of the West Newton B-1Z completion and testing operations are expected to take approximately six weeks. All operations are being conducted in accordance with regulatory requirements, permissions, planning conditions and Covid-19 restrictions and guidance. Initially, site activities including rigging up and completion operations will be conducted during daylight hours (07:00-19:00), however, once well testing operations are underway site activities will move to 24-hours a day, seven days a week. HGV and delivery traffic will be planned for daytime hours (07:00-19:00), Monday to Saturday and will follow the approved traffic management route. The site will have a manned security presence and wellsite supervision 24-hours a day, seven days a week. The West Newton B-1Z completion and testing operations are targeting and fully appraising hydrocarbons within the conventional Kirkham Abbey Formation reservoir. Following the completion of operations on the WN B-1Z well, it is the Operator's intention to mobilise equipment and personnel to the West Newton A site to re-commence testing of the WN A-2 well, also appraising hydrocarbons within the Kirkham Abbey reservoir. Announcement • May 19
Union Jack Oil plc Announces Wressle Development Update PEDL180 and PEDL182 Union Jack Oil plc announced that all necessary consents have been received by the Operator, Egdon Resources U.K. Limited ("Egdon") for the commencement of the proppant squeeze operation at the Wressle oil production site ("Wressle"). Located in Lincolnshire in the Humber Basin, PEDL180 and PEDL182 contain the substantial conventional Wressle-1 oil discovery which has proven reserves and significant upside. Union Jack holds a 40% economic interest in these licences. The proppant squeeze operation is expected to optimise oil production from the Ashover Grit formation, one of the three productive reservoirs present, to a constrained rate of 500 barrels of oil per day gross (200 barrels per day net to Union Jack). Independent data, acquired by the JOA partners indicate that this predicted flow rate should be achievable post-proppant squeeze. The Wressle-1 well has been on a 24 hour production test since 30 January 2021, with produced oil transported by road tanker to the Phillips 66 Humber refinery and sold under Egdon's existing oil sales contract. Since the successful re-perforating exercise on the Ashover Grit reservoir where communication with the formation was achieved, increased oil production has been observed, exceeding JOA partner expectations, pre-proppant squeeze with high quality free flowing oil being produced and no water present. Reported Earnings • May 18
Full year 2020 earnings released: UK£0.022 loss per share (vs UK£0.03 loss in FY 2019) Full year 2020 results: Net loss: UK£1.87m (loss widened 10% from FY 2019). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 03
Union Jack Oil plc (AIM:UJO) completed the acquisition of an additional 15% stake in Biscathorpe Project PEDL253 from Humber Oil & Gas Limited. Union Jack Oil plc (AIM:UJO) signed a sale and purchase agreement to acquire an additional 15% stake in Biscathorpe Project PEDL253 from Humber Oil & Gas Limited for £1 million on January 18, 2021. Union Jack will acquire Humber Oil & Gas Limited's 15% interest in PEDL253 for a cash consideration of £0.5 million that will be paid on receiving OGA approval for the transfer of interest and the lodging of associated documents to allow transfer. A contingent consideration of £0.5 million will become payable to Humber on receipt of planning approval from Lincolnshire County Council for the side-track drilling operation, associated testing and the approval to undertake long-term production of hydrocarbons in a successful drilling case. Post completion, Union Jack Oil plc will hold 45% stake in Biscathorpe Project PEDL253. Monies payable to Humber will be financed from Union Jack Oil`s existing cash balance. Completion of the Acquisition is subject to Oil and Gas Authority approval and certain precedents being satisfied. Oil & Gas Advisers Limited acted as financial adviser to the Union Jack Oil plc and Gneiss Energy acted as financial adviser to Humber. Richard Morrison, Richard Hail and Caroline Rowe of SP Angel Corporate Finance LLP acted as financial advisor to Union Jack Oil plc.
Union Jack Oil plc (AIM:UJO) completed the acquisition of an additional 15% stake in Biscathorpe Project PEDL253 from Humber Oil & Gas Limited on March 1, 2021. Announcement • Feb 02
Union Jack Oil plc to Provide Positive Update on Operations at the Wressle Oilfield Development Union Jack Oil plc to provide a positive update on operations at the Wressle oilfield development. The development is located within North Lincolnshire licences PEDL180 and PEDL182 where the Company holds a 40% economic interest. Operations to recomplete the well and reperforate the Ashover Grit reservoir interval have been completed successfully, safely and on schedule. Following the re-perforation and its successful communication with the Ashover Grit reservoir interval, free-flow of oil has commenced and the well has been placed on continuous 24 hour test production. The well is now in the normal clean-up phase as the well is carefully brought on-stream. The Joint Venture will provide a further detailed update when flow rates have stabilised on completion of clean-up. Produced oil from Wressle will be transported by road tanker to the Phillips 66 Humber refinery and sold under the Operator's (Egdon Resources plc) existing sales contract. Announcement • Jan 29
Union Jack Oil plc Provides Drilling Update of West Newton B-1 and B-1Z Appraisal Wells Union Jack Oil plc announced that a technical presentation in respect of the recently drilled West Newton B-1 and B-1Z appraisal wells. The Company holds a 16.665% economic interest in PEDL183, encompassing an area of 176,000 acres and located within the Western sector of the Southern Zechstein Basin, onshore UK, North of the river Humber. PEDL183 contains the conventional West Newton A-1, A-2 and B-1Z discoveries. The West Newton technical presentation contains new significant technical data that is material to the ongoing commercial evaluation of the project. The presentation identifies or contains the following new information: Locations for the West Newton A-1, A-2, B-1, B-1Z and a proposed B-2 well, which has planning permission in place and is provisionally planned to be drilled in H2 2021, and a demonstration of where the B-1Z well represented a considerable 2.5 kilometre step-out to the south of the A-2 well; Good seismic calibration across the West Newton project area, highlighting both the Kirkham Abbey "platform" and "slope" formations; Demonstrated hydrocarbon column of at least 118 metres with no hydrocarbon-water contact; Thick porous section identified in both A-2 and B-1Z wells suggesting a contiguous structure across the Kirkham Abbey formation; B-1Z well de-risks the southern component of the West Newton licence area and crucially supports the accuracy of the seismic interpretation across the entire platform; Log results at B-1Z well were excellent, exceeding Union Jack`s pre-drill expectations; Good porosity throughout the interval; Kirkham Abbey interval hydrocarbon saturated; Mudgas concentrations observed while drilling through the Kirkham Abbey formation at B-1Z well were as high as 9.8% total gas; 18 metres of core cut and recovered from the B-1Z well; Visible natural fracturing, micro fracturing and vuggy porosity demonstrated from core-lab inspection and analysis; and Numerous additional leads and prospects, including Ellerby and Spring Hill, identified across PEDL183. Announcement • Jan 20
nion Jack Oil plc (AIM:UJO) signed a sale and purchase agreement to acquire an additional 15% stake in Biscathorpe Project PEDL253 from Humber Oil & Gas Limited for £1 million. Union Jack Oil plc (AIM:UJO) signed a sale and purchase agreement to acquire an additional 15% stake in Biscathorpe Project PEDL253 from Humber Oil & Gas Limited for £1 million on January 18, 2021. Union Jack will acquire Humber Oil & Gas Limited's 15% interest in PEDL253 for a cash consideration of £0.5 million that will be paid on receiving OGA approval for the transfer of interest and the lodging of associated documents to allow transfer. A contingent consideration of £0.5 million will become payable to Humber on receipt of planning approval from Lincolnshire County Council for the side-track drilling operation, associated testing and the approval to undertake long-term production of hydrocarbons in a successful drilling case. Post completion, Union Jack Oil plc will hold 45% stake in Biscathorpe Project PEDL253. Monies payable to Humber will be financed from Union Jack Oil`s existing cash balance. Completion of the Acquisition is subject to Oil and Gas Authority approval and certain precedents being satisfied. Oil & Gas Advisers Limited acted as financial adviser to the Union Jack Oil plc and Gneiss Energy acted as financial adviser to Humber. Richard Morrison, Richard Hail and Caroline Rowe SP Angel Corporate Finance LLP acted as financial advisor to Union Jack Oil plc. Announcement • Jan 12
Union Jack Oil plc Provides Wressle Development Update Union Jack Oil plc announced that the Operator, Egdon Resources U.K. Limited, has provided an update on progress to first oil at the Wressle hydrocarbon development site (Wressle). Wressle is located within North Lincolnshire licences PEDL180 and PEDL182. Union Jack holds a 40% economic interest in these licences. The workover rig and associated services and equipment were successfully mobilised to Wressle during the week commencing 4 January 2021 and that operations to recomplete and reperforate the well have commenced. Operations are expected to be completed to enable the Ashover Grit reservoir to be flowed prior to the end of January 2021 as previously advised. The Ashover Grit reservoir is expected to produce 500 barrels of oil per day (bopd) at a constrained rate, increasing Union Jack`s net production by an additional 200 bopd when fully on stream. Announcement • Nov 25
Union Jack Oil plc Announces an Update on the West Newton B-1 Appraisal Well Union Jack Oil plc announced an update on the West Newton B-1 appraisal well (WNB-1) where drilling operations are on-going. The company holds a 16.665% interest in PEDL183, containing the conventional West Newton A-1 discovery well and the West Newton A-2 appraisal well. The WNB-1 well has been drilled safely to a Total Depth of 2,295 metres, encountering both the primary and secondary objectives, the Kirkham Abbey and Cadeby formations, respectively. The Kirkham Abbey formation indicated a hydrocarbon charge based on wireline logs, cuttings and mud gas readings. The secondary target, the Cadeby formation contained insufficient reservoir development within the targeted slope environment. The Joint Venture has commenced a side-track drilling operation from the WNB-1 well and following preparatory engineering exercises the West Newton B-1Z (WNB-1Z) will be drilling ahead during the next few days. The objective of the WNB-1Z side-track well is to further appraise the Kirkham Abbey formation on a structurally superior location, targeting enhanced reservoir quality and on-trend with the previously discovered Kirkham Abbey accumulations. The information derived from both the WNB-1 and WNB-1Z wells will provide additional data to inform the optimal locations of future development wells at the West Newton project. Drilling activities at the West Newton B site are ongoing and shareholders and the market will be updated following completion of drilling operations and evaluation in due course. Announcement • Oct 15
Union Jack Oil plc (AIM:UJO) agreed to acquire an additional 30% stake in PEDL241 Exploration License in United Kingdom from Egdon Resources U.K. Limited for £0.1 million. Union Jack Oil plc (AIM:UJO) agreed to acquire an additional 30% stake in PEDL241 Exploration License in United Kingdom from Egdon Resources U.K. Limited for £0.1 million on October 14, 2020. Post completion, Union Jack Oil plc and Egdon Resources U.K. Limited each will hold 50% stake in PEDL241 Exploration License. The transaction is subject to Oil and Gas Authority consent. Richard Morrison, Richard Hail and Caroline Rowe of SP Angel Corporate Finance LLP acted as financial advisors to Union Jack Oil plc. 
