In Brief
• Union Jack Oil*** (LON:UJO) – $37.4mm (0.65p) – Brighter 2018 to Follow Disappointing 2017: Today’s update from the company reminds us that a lot of progress was made in 2017, all of which, however, was overshadowed by Wressle’s planning rejection. While this is undoubtedly disappointing, it is by no means the only flight in the company's quiver. With an active programme over the coming 12 months, such as Biscathorpe, Holmwood and the results of the Fiskerton workover, not to mention the revision to Wressle’s development, there is a lot planned for 2018. We are reiterating our $37.4mm (0.65p) valuation.