Headlines
• In Brief:
o Union Jack Oil*** (LON:UJO– 0.14p) – $6.4mm – $39.1mm – Wressle Dominates, But More to Come
In Brief
• Union Jack Oil*** – $6.4mm – $39.1mm – Wressle Dominates, But More to Come: While there is little doubt that there has been disappointment surrounding the continued delays to Wressle, the remainder of the portfolio marches into the horizon. Most notable of these is the Holmwood well in the Weald basin, but also the Biscathorpe appraisal wel. While there has been much hype surrounding the Kimmeridge potential of the Weald Basin (“Basin”), it must be remembered that Holmwood is a conventional prospect first and foremost, but will provide a useful data point on the Kimmeridge, not just for UJO but for the wider shale potential of the Basin. We are adjusting our current valuation, which is impacted by our revised estimates for the timing of Wressle, the impending exploration of Biscathorpe and Holmwood and the new shares in is sue. Our valuation stands at $6.9mm (0.13p – Core) to $38.1mm (0.73p – Full).
We may provide a further update on one, or all, of the stories above later today. However, if there is anything that you would like to discuss, please feel free to contact us.