Introduction
Union Jack Oil plc is an oil and gas company with a focus on onshore production, development, exploration and investment opportunities within the United Kingdom and the United States of America hydrocarbon sector.
More About Union Jack Oil
Union Jack Oil PLC was established in 2011 and is listed on the London Stock Exchange under the ticker symbol LON:UJO. The company has a team of experienced industry professionals who are dedicated to achieving the company’s vision of becoming a leading onshore exploration and production company in the UK and USA. The company holds significant interests in various projects, notably in the Wressle field in the UK and the Moccasin well in Oklahoma, USA, and is engaged in generating material revenues from these operations.
Exploration and Production Activities
Union Jack Oil PLC has a diversified portfolio of interests Our portfolio of interests is well balanced with a mixture of production, development and late-stage, potentially high end value exploration.
PEDL253 Biscathorpe
The Biscathorpe-2 well was drilled to a Total Depth of 2,133 metres within the Dinantian Carbonate, which intersected 68 metres of net pay, as confirmed by independent petrophysical analysis conducted by Applied Petroleum Technology (UK) Limited (“APT”) on oil samples from cuttings. Further geochemical analysis by APT on the oil has demonstrated that it is comparable with that produced at the nearby Keddington oilfield.
Evidence from reprocessed 3-D seismic for a thickened Basal Westphalian Sandstone reservoir interval is apparent and supports that the Dinantian Carbonate oil play has Gross Mean Stock Tank Oil Initially in Place (“STOIIP”) of 24.3 million barrels of oil (“mmbo”) with an upside of case of 36 mmbo, with gross mean Prospective Resources associated with the Westphalian target total 3.95 mmbo with an upside case of 6.69 mmbo.
Economic modelling of the Westphalian target alone, yields break-even full cycle economics estimated at US$18.07 per barrel and a gross NPV(10) valuation of £55.6 million.
PEDL183 – West Newton
Union Jack holds a 16.665% interest in PEDL183, located within the Western sector of the Southern Zechstein Basin, which is on trend with the prolific Hewett gasfield complex; West Newton was discovered in 2013 by the West Newton – 1 well (“A-1”).
PEDL183 contains the West Newton A-1 well gas discovery, which has been further appraised by West Newton A-2, West Newton B-1 and the recently drilled West Newton B-1Z.
The result of the drilling has been integrated with the seismic studies, which has shown there is good seismic calibration across the West Newton project area, highlighting both the Kirkham Abbey “platform” and “slope” formations.
Investment and Growth Opportunities
Union Jack Oil PLC is well positioned to take advantage of the current market conditions and the growing demand for oil and gas in the UK. The company has a strong balance sheet, with no debt and a cash balance of £5.5 million as of December 31, 2022. The company is also actively seeking new investment opportunities to expand its portfolio and increase its production.
Union Jack Oil PLC is a leading onshore exploration and production company in the UK with a diversified portfolio of interests in various exploration and production licenses. The company is well positioned to take advantage of the current market conditions and the growing demand for oil and gas in the UK. With a strong balance sheet and a team of experienced industry professionals, Union Jack Oil PLC is poised for growth and success in the years to come.
We hope that this profile has provided you with valuable insights into Union Jack Oil PLC and its exploration and production activities.
For a more in-depth look at UJO stock see our analyst reports below.
