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Union Jack Oil at 0.14p - worth up to 0.98p: SP Angel

By Tom Winnifrith | Friday 19 May 2017

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

SP Angel is houes broker to Union Jack Oil (UJO) so take its notes with a pinch of salt. Bur I rate analyst Zak "The Knife" Phillips highly and as such today's reiterated buy stance after the news from Wressle cannot be totally ignored. As for the target price! The Kinfe writes:

Union Jack Oil EA Planning Approval

Today's disclosure that Wressle has received Environment Agency ("EA") approval is a positive step, more so given the context. EA approval was granted previously, which was swiftly followed by the approval of North Lincolnshire Council's (the "Council's") planning officers.

It was only at the committee stage (final approval) that the members elected to grandstand and use the rejection of the application to admonish the EA. Consequently, we believe that there would have been extra scrutiny at the EA, ahead of the application's approval. Given the EA's green light, we believe that not only does the application outline a suitable development plan, but should the Council not approve the development, that this, coupled with the previous poor performance by the committee, opens the Council up to legal censure.

Today's approval is a positive step, and one that we believe starts an exciting 12-month period for the Company. We are maintaining our current valuation at this time – $6.4mm (0.16p – Core) to $39.1mm (0.98p – Full).

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