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Union Jack Oil - good news on Wressle but watch Holmwood as well! Two reasons to BUY

By HotStockRockets | Saturday 1 July 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.

Union Jack Oil (UJO) has announced that the North Lincolnshire County Council's Planning Committee will meet on Monday 3rd July 2017 at 2 PM to determine the new planning application for the Wressle Development which includes additional detailed information to address the specific concerns raised by North Lincolnshire County Council in its 11 January 2017 decision to refuse the original application.

Union Jack says that the new application has received a recommendation for approval from North Lincolnshire County Council's Planning Department. If we get a thumbs up here - and it looks as if we will - this will be a major boost and brings the prospect of material near term production and cashflow that much closer.

But also keep an eye out on the South East of England where Union Jack has a 7.5% stake in the drill ready Holmwood prospect. It slots in to the Weald Basin structure where companies such as UK Oil & Gas (LSE:UKOG) are making all the right noises and real progress. "Nearology" suggests that if there is good news from UK Oi8l & Gas and others that Holmwood will start to attract real attention.

Union Jack remains cash rich but we now have not one but two potential drivers of a near term share re-rate. This tip ( at a 0.2p offer) has not flown yet but if you averaged down, as we have advocated, you are now, at 0.17p-0.18p probably in the money. But the excitement is now really starting to begin.

At up to 0.22p with a target to sell of, at least 0.3p, the stance is BUY.

This article first appeared on HotStockRockets - to catch the next red hot share tip from the HotStockRockets team out shortly as well as two SCORCHERS we tipped yesterday, FRIDAY 30th June, for just £5 click HERE

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