Union Jack seems to be finding some traction in the markets over recent weeks, what do you put that down to?
Union Jack Oil’s structure is such that we have the directors interests aligned with shareholders in the growth and development of the company. We have sensible remuneration for a company of this size where the board takes £200,000 for all 4 of our directors; there are no free dinners by virtue of no option packages. We have a tightly aligned strategy to build a successful portfolio of assets which we hope will attract the attention of much bigger companies. We have had great success with this board in the past with Oil Quest which subsequently was taken out via Encore by Premier Oil.
Wressle-1 has shown encouraging signs but could you tell us more about the assets you hold and the relationship you have with the joint venture partners both here and within the rest of your assets under management?
Wressle-1 really has given us a good footing and whilst as you say things look extremely encouraging there is a bit to go before we get the result we would all like. Egdon Resources will revisit the asset shortly (October this year) and carry out a work over where we will start to validate the integrity and capability of the well as announced, we have been fortunate to have been pretty happy with all our findings to date and whilst confident the results will be as we hope (Positive) we have to let the team report their findings.
We hope to spud Burton on the Wolds (PEDL 201) by mid-October through the operator Egdon Resources, the geological evaluation highlighted a conventional oil prospect with two distinct carboniferous strategic levels, it’s a relatively shallow straight forward vertical well so we look forward to the operator commencing over the coming month. I really have to note the professional manner in which Egdon carry out the projects we have worked on and whilst I was disappointed Martin left us, I feel enthused that he has joined Egdon on a fulltime basis and very much look forward to working both with Martin and Egdon in our future, we have a strong meaningful relationship with our joint venture partners and I’d like to thank them to date for all the hard work carried out.
David it seems that you have a decent grounding and potential flow of news updates going forward and whilst there is no doubt that liquidity and sentiment has taken a swing in your favour, can you tell us a little more about how you intend to grow moving forward?
We have a great little company here and yes we do have some interesting projects going on at the same time, we feel this will help shape UJO however I’m in discussions with a number of potential farming opportunities but we really do have to carry out further due diligence before committing ourselves. We have a decent cash position and also potential deals so the two go hand in hand, I can’t say anymore at the moment. I hope you understand with these things we have a formal process we must adhere to.
David thanks for taking the timeout to talk about Union Jack Oil and the recent announcements.