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Union Jack Oil - West Newton possible delay?

By Peter Brailey | Friday 19 July 2019

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.

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.

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