Oh dear, oh dear, the much anticipated report from RPS Energy is a damp squib at best, a shocker at worst and one which begs numerous questions for the journalist smeatring troll of a CEO David Bramhill, not least one about a clear funding gap and others about fracking which is sure to enrage the locals up in the East Riding of Yorkshire. With help from the UK's greatest living chain smoker I ask a few questions and leave you to draw your own conclusions. My own conclusion is that Bramhill remains toxic and at 30.25p a £34 million market cap is wholly unjustified for Union Jack Oil (UJO). So the points that scream out from the report:

For the third year, I’m going to belch forth and see if my crystal balls (being an Engineer I don’t put all my eggs in one basket) can spot the oily sector shares which just make me retch when I think about holding them. Most investors are coalescing around the view oil prices will be stable to up chucking, but can we congeal around those sector investment cases that really make you toss your cookies? The 2022 Vomit list – I would rather hold a bucket of puke than these shares.

Tom recently revealed that an AIM company had apparently spent £40,000 investigating the background of a journalist on this site. I understand the revolting dossier included details of the writer, his partner and his Ex and his business. The report was trying to pin the leaking of this companies’ placings on an individual, and doing so in a very nasty way. I have not seen the report. Tom has it and has let me know the highlights. So, Mr David Bramhill, of Union Jack Oil (UJO), step forward and take the honours. You investigated me with your £40,000 Private Investigators. You, Mr Bramhill,  are a xxxx — and I make no apologies for that language. You are Scum.

David (Dave) Bramhill of Union Jack Oil (UJO) put an interview into the public domain yesterday. While I am not a shareholder currently, I was most impressed. It is worthy of noting any CEO / Exec Chairman who acts with apparent and demonstrable honesty and openness and I wish many more would do so. He did not duck hard questions – far from it. I should say Tom disagrees with me viiolently and explains why HERE.

After the West Newton debacle Reabold Resources (RBD) is Mark Knopfler, that is to say it is in Dire Straits. Today it serves up news of a US deal which it headlines “Equity Exchange with Daybreak Oil and Gas – Creation of Enhanced California E&P Company.” This is surely a spoof. It is taking the piss. This is utterly misleading.

Union Jack Oil (UJO) states that it “is pleased to announce an update in respect of the West Newton A-1, A-2 and B-1z discovery wells as part of the Extended Well Test programme, accompanied by an updated estimated best estimate in-place oil and gas volumetrics of the Kirkham Abbey reservoir”. The shares have responded more than 6% lower to 18p to sell, so is the news really ‘pleasing’?

Union Jack Oil (UJO), has be one of the most frustrating share listed on AIM as it holds so much potential within its UK onshore oil and gas asset base. But with any microscale oiler looking to establish a profitable future you have to have to believe in what it is doing, and the shenanigans over this latest placing is the final straw for me. The risk reward balance has now tipped the wrong way and I have lost the faith.

I stand by my comments over the weekend on the strategy and possible placing at Union Jack Oil (UJO) which I forced it to ‘fess up to on Friday. I am not a happy bunny. But there is another thing that rather frustrates me.

A “West Newton Update” announcement follows, not entirely accurate, comment from Brokerman Dan and bulletin board mutterings. A first point is that West Newton is operated by Rathlin Energy (UK) Limited, with Union Jack Oil (UJO) having a 16.665% economic interest, and therefore not having direct ownership of the situation. So what is the latest update?

Shares in Union Jack Oil (UJO) are 9% lower at 29p thanks to an article penned by my friend Brokerman Dan suggesting that all may not be well at the West Newton drill. Ho hum, a quick break from afternoon playtime with Joshua as calls go out from the Greek Hovel.

Union Jack Oil (UJO) has announced that all necessary consents have been received for the final phase of achieving targeted oil production from the Ashover Grit reservoir, one of the three productive reservoirs present at Wressle, following its 2020 results.

Having had an involvement in UK onshore drilling decades ago, I follow the sector with interest, and just occasionally my cash. For some time now Union Jack Oil (UJO) has seen me invest and cross my fingers. West Newton has really interested me. Today’s news on the WN-B1Z drill results is a further very positive result, for what could be an exceptional find.

Union Jack Oil (UJO) has updated investors with news including that it is to provide a £1 million loan facility to Wressle oil field (Union Jack: 40% economic interest) operator Egdon Resources (EDR), which “as well as providing a commercial return on funds will also assist in the development of the Wressle oil field”, and Wressle “workover being completed and initial oil flows anticipated later in January 2021”…

Whenever a smaller oil company is drilling a well these days you pretty much have to expect the share price to get hammered unless they announce a substantial find that exceeded market expectations, and that is exactly what hammered to Union Jack Oil (UJO) this week.

Reabold Resources (RBD) have fired the next shot in the battle for Deltic Energy (DELT) with its RNS today. In doing so it has confirmed why I have such a negative view on the company. It appears to struggle to understand plain English and indicates what, to me, is spivyness of the highest order.

It would appear Reabold Resources (RBD) is looking to take over Deltic Energy (DELT) with an all share deal that values Deltic at less than the cash on the balance sheet. My response to Reabold as a shareholder of Deltic is simple – sod off at any share conversion valuation.

But is Union Jack Oil (UJO) not a UK oil producer in an extremely troubled oil environment? It is… but only in a small and low-cost way and the oil market will swing back to a better environment as it always does. Meanwhile, the shares down from more than 0.30p last year and the asset potential here sees us ride again…yes, we have twice tipped this before and twice told you to bank big gains. Now for our hat-trick...

Thanks to the Winnileaks service I have in my possession the presentation Reabold Resources (RBD) is serving up as it endeavours to raise up to £30 million. I gather it is tough going. The deal will come as a shock to joint brokers Turner Pope and Whitman Howard as it is Stifel Europe that is acting as broker. The presentation says the deal will be announced October 8. Ho Ho.

When Union Jack Oil (UJO) confirmed the results of the West Newton A2 drill in June, we were told consent was in place for the extended well test and this would go ahead in Q3 of this year. With all too many UK onshore drills impacted by delays due to difficulties obtaining planning consents everything sounded very positive. This week however has seen the operator make a planning application for the well test phase, which introduces timing risk.

Caveat 1: SP Angel which produced this note is house broker to Union Jack Oil (UJO) so is biased. Caveat 2: Zac Phillips no longer works at SP Angel and the new analyst is not fit to lick Zac's boots. Caveat 3: Chris Oil owns stacks of these shares and will sell into any spike while urging others to buy like the dirty little spiv he is.  Having said all iof that I can't fault the logic of this detailed note.

I suggested that Union Jack Oil (UJO) was planning a placing in yesterday’s bearcast. And lo and behold the Sheriff of AIM is right again, £2.25 million has been raised at 0.17p.  But this raises big questions about the share trading activities of Mr Chris “Uranium” Oil, a man who has featured on this website often enough.

As is so often the case with oil and gas drills amongst the smaller companies, private investors built expectations around West Newton up to such a level that the actual results were never likely to live up to that.

Union Jack Oil (UJO) “is pleased to announce that it has conditionally raised £1.75 million by way of a placing and subscription, through the issue of a total of 2,333,333,334 new ordinary shares at an issue price of 0.075 pence”…

Union Jack Oil (UJO) has updated that the appeal against the refusal of planning consent for the development of the Wressle oil discovery by the North Lincolnshire Council's Planning Committee on 28^th November has been submitted to the Planning Inspectorate…

Union Jack Oil (UJO) “is pleased to announce the commencement of drilling operations at Biscathorpe-2”…