Headlines
• Union Jack (LON:UJO) – Upping the Ante: Following today's news, we are raising our Target Price to 0.68p, as North Kelsey has a prospective resources of ~2.0mm bbl, which contributes $3.2mm (0.08p) to UJO’s valuation; we are reiterating our BUY Recommendation.
• Solo Oil (LON:SOLO) – Horse Hill to a Canter: While our analysis of the prospectivity of the Kimmeridge series, based on the BGS' Weald report, indicates that PEDL 137 isn't located in an optimal location within the basin, today's news will provide further impetus for not only the participants in the licence area, but other operators within the basin too.
News Items
Union Jack (LON:UJO) – Upping the Ante
Today's news is a significant step forwards for the Company as it provides it with a material interest in what could is a significant exploration target; North Kelsey has four prospective horizons.
With further news on the commerciality of Wressle expected in the next few months following assessment, and the timing of the appraisal drilling of Biscathorpe expected in confirmed within the next 6 months, the Company continues to have significant news flow ahead.
Following today's news, we are raising our Target Price to 0.68p, as North Kelsey has a prospective resources of ~2.0mm bbl, which contributes $3.2mm (0.08p) to UJO’s valuation; we are reiterating our BUY Recommendation.
Solo Oil (LON:SOLO) – Horse Hill to a Canter
Today's news that the Company's Schlumberger report confirms the prospectivity observed by UKOG's NuTech report is welcome news, not just for operators on Horse Hill, but for all licence holders in the Weald Basin.
While our analysis of the prospectivity of the Kimmeridge series, based on the BGS' Weald report, indicates that PEDL 137 isn't located in an optimal location within the basin, today's news will provide further impetus for not only the participants in the licence area, but other operators within the basin too.