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LON:UJO
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.
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A look at some of today's top risers and fallers in London
"Union Jack is positioned to deliver ongoing news flow throughout 2018 from our onshore portfolio of producing assets, drill-ready appraisal and exploration targets given our active evaluation programme in today's attractive oil price envir
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The blue-chip index closed at 7,214, up 46 points on the day
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A look at some of the top risers and fallers in London today.
Operator Egdon Resources intends to make a fresh planning application to North Lincolnshire Council as it refuses to give up on Wressle oil field development.
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Some of the main biggest risers and fallers in London on Friday
“The Joint Venture partners are considering in detail the reasons for the refusals as contained in the decision notice and will review the options available."
It was another quiet day in London but also another record close
Europa confirmed that will a resubmit a Traffic Management Plan to the council and that it intends to appeal to the planning inspectorate
A work-over programme is due to boost production, while new seismic interpretation is planned
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Low cost well workovers can improve production before new drilling at Fiskerton
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The index of blue-chip shares was up 4 points to 7,554 around 3.50pm
The Holmwood project is targeting a conventional oil prospect but will also gather information on the Kimmeridge oil play in this location.
New discoveries onshore UK as well as abroad provided the week's oil and gas highlights.
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A look at some of the top risers and fallers in London in afternoon trading
"The opportunity for Union Jack to acquire Cairn Energy`s UK onshore hydrocarbon portfolio which comprise assets we hold in high regard, at nominal cost is an excellent result”
The FTSE 100 index closed 14.98 down at 7,507, above the day’s low of 7,496.14, and well below the opening high of 7,523.65
The core of the portfolio is in the East Midlands Basin, which includes the Wressle-1 oil discovery
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A look at some of the top risers and fallers in London today
"The next six months for Union Jack are expected to be particularly active with drilling of the high-impact Holmwood-1 and Biscathorpe-2 conventional exploration wells,” Bramhill said
The exploration well will be drilled down to a depth of 2,100 metres, the target has been estimated in the order of 14mln barrels and the chance of success is set at 40%.
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Companies featured: Grand Group Investment, PV Crystalox Solar, Thor Mining, Falcon Media House, Game Digital, Proxama, Sports Direct International, Arian Silver Corp, Nu-Oil & Gas, Dart Group
UJO owns a 15% stake in Wressle, which would be due for production following exploration and testing success.
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Footsie was becalmed throughout the day, leaving the mid-cap FTSE 250 to claim the limelight
“We will now take forward our appeal against the original 11 January 2017 determination"
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An earlier application was rejected. The current proposal has the backing of the local authority’s planning department.
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Some of the main risers and fallers in London at 3.40pm
The FTSE 100 closed down 6.56, or 0.09% to 7,519...
A look at some of the biggest London-listed risers and fallers today
The Wressle partners are confident that the Environment Agency’s comprehensive assessment and positive conclusion will be reflected in the outcome of the new planning application.”
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A look at some of the biggest London-listed risers and fallers today
"2016 was a year that your board regards as one of solid progress where our company made significant headway in the face of the continuing low oil price and volatile stock markets."
The FTSE 100 index closed up 68.94 points at 7,523 - a new record high
Chief executive Hugh Mackay believes the case to bring Wressle into production is strong.
Europa’s CEO, Hugh Mackay said: “The remainder of 2017 will see Europa participate in high impact development and exploration projects for which our share of the costs is now funded”
Executive chairman David Bramhill says Wressle can generate meaningful cash flows for UJO and it is expected to transform the company’s financial position.
Some of the largest rises and falls in London at 15:45pm: Urals Energy, Acacia Mining, Vela Technologies
The onshore UK focussed junior oil is taking a bigger stake in the Wressle field which, depending upon a planning appeal, could yield 500 barrels of oil production per day.
The FTSE 100 was down 32 points to 7,342 shortly after 3.15pm on Monday
Some of the largest rises and falls in London at 3pm: Tlou Energy, Regency Mines, Starcom
“We are greatly encouraged by the tremendous level of support we have received," said David Bramhill, Union Jack executive chairman.
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At 3.33pm, the index of blue-chip shares was up just over 14 points at 7,257
The deal to sell 10% of Wressle to Upland Resources was agreed in November, and it has now been extended until the end of September 2017.
Risers and fallers at 4pm including DCC, Techfinancials, Premier African
“Wressle is located in the heart of the East Midlands petroleum province and at an anticipated gross rate of 500 bopd would almost double our existing production based on a 20% interest,” said Hugh Mackay, Europa chief executive.
“As the operator of the nearby Brockham oil field, Angus can provide invaluable technical insights in tandem with our other partners including UKOG, a major stakeholder in the Horse Hill discovery."
The rejection goes against the recommendation of the council's own planning officer, and City broker SP Angel suggests that councillors have overstepped their remit.
“We will now take time to consider our options including our right to bring forward an appeal."
In the first-half of next year UKOG will move 11 miles along the road from Horse Hill to the PEDL234 licence area
UKOG probably won’t be the first cab off the block as a number of rivals are planning similar exploration programmes.
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Subsequently Europa Oil & Gas retains 30% of Wressle, and UJO’s interest in the project rises to 11.67%.
As part of a farm-out agreement announced in July 2015, Egdon Resources will transfer a 10% interest in PEDL339 for no upfront cost
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"We are delighted to be able to increase our position in Wressle as it is an attractive near term production asset," said David Bramhill, Union Jack Oil chairman.
Europa earmarks £600,000 from the sale for the Holmwood project near Horse Hill and plans drilling in 2017
CEO Hugh Mackay highlighted that Wressle will not only more than double net production it also substantially increases Europa’s asset backing.
Wressle is being fast-tracked to production following a successful exploration well which delivered excellent flow testing results last summer.
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Round up of oil news headlines from the world of Proactive this week.
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Weekly round up of news headlines from the world of oil...
A key focus is the group’s stake in the Wressle oil discovery, where first production is expected in late 2016.
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Low-cost currency provider FairFX enjoyed its best ever week last week thanks to heightened trading activity amid the UK’s EU referendum vote.
Extending the licence to October 1 2018 allows a proposed drill programme to go ahead, Europa highlighted.
FTSE100 shares ended lower on Monday, weighed down by mounting concerns over a possible “Brexit” of the UK from the European Union in a referendum later this month
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The FTSE 100 Index fell 51 points to 6065 after the Shanghai Composite closed lower
The Footsie fell 15 points to 6101 after the Shanghai Composite closed lower
The merger between Aveva Group and Schneider could be back on
The project is located in the vicinity of the Wressle oil field and Union Jack highlighted recent successes have significantly reduced geological risk.
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