Union Jack Oil*** (UJO LN – 0.09p) – $53.9mm (0.67p) – Cash is King
Ascent Resources (AST LN – 0.75p) – Next Step
In Brief
Union Jack Oil*** (UJO LN – 0.09p) – $53.9mm (0.67p) – Cash is King: Today’s news on Fiskerton’s performance underlines the steps management are taking across the portfolio, in conjunction with its JV partners, to access the value within its portfolio. While, understandably, the focus is on the approval of Wressle, Friskerton, as a proxy should encourage the Company’s owners that all that is within management's remit to do is being done. At this stage, we are reiterating our – $53.9mm (0.67p) valuation.
Ascent Resources (AST LN – 0.75p) – Next Step: Today’s announcement that all strategic options for the valorisation of the Petišovci asset will be undertaken is a surprise, not least as the management team have seen the Company through the most testing of times and appeared to be in a position where life was about to get easier. Saying that, you can’t fault the team for studying all opportunities and strategies available to enable value creation for shareholders. In doing this, the team have taken the step of reducing the uncertainty that can surround potential routes to valorisation, which to our mind confirms their leadership position. On the back of this news shareholders should be pleased with their management team and that the outcome, whichever is chosen, will be the most optimal to achive that value creation.
