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Union Jack Oil
*AGM postponed in order to allow shareholders a proper
opportunity to consider the implications of any possible offer
from Reabold Resources
*The office of John Americanos, a Non-Executive Director of the Company, has been vacated by a resolution of the Board with immediate effect.
https://t.co/2S2hMryA8h
https://t.co/wO1L8wBpIx
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*Union Jack Oil announce signing of a facility agreement with
Egdon Resources U.K. Limited with a secured term loan
facility of £1,000,000
*The Loan will provide the Company with additional working
capital for general corporate purposes
Read the full details here: https://t.co/8GXao9nr11
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Non-Executive Director of Union Jack Oil resigns from Company with immediate effect. Mr Bull will continue to undertake technical duties for the Company.
Mr Bull cited the detrimental effect attacks on the Board from certain media organisations has had on him and his family in his decision to resign.
#ujo
'Information Regarding Certain AGM Resolutions'
*Proposed resolution's to appoint Craig Howie to the board of
directors of the Company and to seek the approval of
shareholders for a share capital reorganisation.
*Board majority recommend shareholders should vote
AGAINST the resolution to appoint Craig Howie who was
previously asked to resign due to material breaches of
confidentiality, a demonstrable lack of knowledge as to the
vital role of the technical team in a listed company focused
on oil and gas exploration, which was followed up with an
unprofessional campaign of negative publicity levelled at
the Company and the spreading of
both confidential Company information along with private
& personal information on certain Directors.
Additionally, he has failed to propose any suitably
experienced directors to replace any existing Directors,
should the existing Directors be removed, or any alternative
strategy to ensure value for shareholders.
Board majority recommend shareholders vote FOR the resolution to approve the share capital reorganisation.
Read the full RNS here https://t.co/PXPxyZO2DU
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The Middle McClish refers to the middle member of the McLish Formation, an oil-and-gas-bearing geologic layer of Middle Ordovician age located in Oklahoma, USA. It is highly significant in petroleum geology and reservoir exploration across the Anadarko and Ardmore basins.
Reservoir Properties: The sandstone facies within the McClish provide strong porosity and permeability, making them reliable conventional reservoirs for trapping crude oil and natural gas.
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The Crossroads well encountered good hydrocarbon shows at several levels from the Hoxbar down to the Basal McLish intervals.
Based on a petrophysical evaluation of the downhole logs, four intervals with production potential will be tested. These intervals are the Middle McLish, Basal McLish, Cisco and Hoxbar Sandstones.
.@Zeus_Capital has published a new research note on @UnionJackOilplc #UJO
Union Jack Oil (UJO LN) - Positive Crossroads initial well result - Corporate
"Union Jack has announced the positive initial resu..."
https://t.co/7u87iwl99a
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Crossroads Well Update
*Good hydrocarbon shows at several levels
*Production casing to be run and cemented
*Evaluation and testing will begin in mid-June
*The board look forward to reporting on evaluation and test
results from Crossroads in due course
https://t.co/eWhMEiIanK
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Crossroads Well
The mapped closure at Crossroads is the largest undrilled feature in the area and has the potential to yield up to 1,800,000 barrels of oil.
The Oil Creek Sand is a major oil-producing zone and one of the most prolific oil and gas producing formations in the Oklahoma-Texas region.
Union Jack Oil owns a 43% working interest in the project and has financed its share of the drilling programme entirely from existing cash reserves.
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The UK oil sector has suffered catastrophic damage due to the repercussions of Ed Miliband's net zero policies. With planning permissions being refused, those granted being challenged, action groups, protests and other disabling events, Union Jack formed their alliance with Reach in the nick of time!
Looking forward to the results of our Crossroads well presently being drilled!
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*Crossroads is a structural prospect with an area of 100 acres and 50 feet of vertical closure, mapped by Reach from 3D seismic.
*The main objective of the well is for oil in the middle
Ordovician age Oil Creek Sand.
*The James Thompson 1A well, located 1.5 kilometres north-west of Crossroads tested 124 bopd from the Oil Creek formation.
*Other potential reservoirs exist in the Tulip Creek and McClish formations. In addition, Pennsylvanian Sands remain a viable target.
*The mapped closure at Crossroads is the largest undrilled feature in the area and has the potential to yield up to 1,800,000 barrels of oil.
*Success case NPV10% is US$11,000,000 based on US$60 per barrel oil price.
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*Union Jack Oil are pleased to announce the Crossroads well was spudded yesterday, 5th May.
*The drilling period will take approximately 10 days and the company will update shareholders on the results as soon as possible.
*Union Jack currently holds a 43% interest in the project and the Company’s share of the drilling costs have been funded from its existing cash resources.
https://t.co/w0tGEqlLka
A group of business leaders, unions and policy experts say national assets must be better utilised to cut reliance on imports, generate revenue and support jobs.
The message is clear: Opening up the North Sea is better for jobs, tax revenue and even the climate.