Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Today's Oil and Gas Update: Union Jack Oil PLC

Today's Oil and Gas Update: Union Jack Oil PLC

Headlines

• In Brief

o Union Jack Oil (LON:UJO – 0.14p) – $6.4mm – $39.1mm – EA Planning Approval

In Brief

• Union Jack Oil (LON:UJO – 0.14p) – $6.4mm – $39.1mm – EA Planning Approval: Today's disclosure that Wressle has received Environment Agency ("EA") approval is a positive step, more so given the context. EA approval was granted previously, which was swiftly followed by the approval of North Lincolnshire Council's (the "Council's") planning officers. It was only at the committee stage (final approval) that the members elected to grandstand and use the rejection of the application to admonish the EA. Consequently, we believe that there would have been extra scrutiny at the EA, ahead of the application's approval. Given the EA's green light, we believe that not only does the application outline a suitable development plan, but should the Council not approve the development, that this, coupled with the previous poor performance by the committee, opens the C ouncil up to legal censure. Today's approval is a positive step, and one that we believe starts an exciting 12-month period for the Company. We are maintaining our current valuation at this time – $6.4mm (0.16p – Core) to $39.1mm (0.98p – Full).



DISCLAIMER

This note has been issued by SP Angel Corporate Finance LLP (“SP Angel”) in order to promote its investment services.

This information is a marketing communication for the purpose of the European Markets in Financial Instruments Directive (MiFID) and FCA’s Rules. It has not been prepared in accordance with the legal requirements designed to promote the independence or objectivity of investment research.

This document is not based upon detailed analysis by SP Angel of any market; issuer or security named herein and does not constitute a formal research recommendation, either expressly or otherwise.

The value of investments contained herein may go up or down. Where investment is made in currencies other than the base currency of the investment, movements in exchange rates will have an effect on the value, either favourable or unfavourable. Securities issued in emerging markets are typically subject to greater volatility and risk of loss.

This note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose.

Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. This information is for the sole use of Eligible Counterparties and Professional Customers only and is not intended for Retail Clients, as defined by the rules of the Financial Conduct Authority (“FCA”) and  subject to SP Angel’s Terms of Business as published or communicated to clients from time to time.

It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. This document should not to be relied upon as authoritative or taken in substitution for the exercise of you own commercial judgment. SP Angel is not responsible for any errors, omissions or for the results obtained from the use of the information in this document.

This document has been prepared on the basis of economic data, trading patterns, actual market news and events, and is only valid on the date of publication. SP Angel does not make any guarantee, representation or warranty, (either expressly or implied), as to the factual accuracy, completeness, or sufficiency of information contained herein. This document has been prepared by the author based upon information sources believed to be reliable and prepared in good faith.

SP Angel, its partners, officers and or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s).

SP Angel Corporate Finance LLP is a company registered in England and Wales with company number OC317049 and whose registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SP Angel Corporate Finance LLP  is authorised and regulated by the Financial Conduct Authority whose address is 25, The North Colonnade, Canary Wharf, London E14 5HS and is a Member of the London Stock Exchange plc.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use