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Market Update: Friday 11 June 2021 Gulf Keystone Petroleum (LON:GKP): Encouraging operations update Predator Oil & Gas (LON:PRD): Construction and.
Stockbroker SP Angel highlighted several near-term valuation catalysts for Union Jack Oil.
Union Jack Oil PLC (LON:UJO) presents a compelling value opportunity, according to stockbroker SP Angel, which repeated a ‘strong buy’ recommendation.
With a target price of 176p the stockbroker see some 400% upside to the current price of 34.37p.
Commenting on Monday’s financial results statement SP Angel analyst Sam Wahab highlighted that the company is well-funded and debt free.
“Bucking the trend of its E&P peer group, 2020 was a year of considerable operational progression for Union Jack,” the analyst said. “The company successfully advanced its key projects, executing drilling, development and appraisal activity, notably at its flagship West Newton field.”
WTI Oil US$64.3/bbl vs US$65.3/bbl yesterday
Natural Gas US$2.91/mmbtu vs US$2.93/mmbtu yesterday
Oil Price News
Money managers continue to take a bullish stance in oil futures and options contracts, estimating that oil prices will increase later this year as economies reopen and travel and fuel demand rise
In the week to 4 May, hedge funds bought the equivalent of 40MMbbls in both Brent and WTI according to Reuters
This was the fourth week in a row in which portfolio managers have added long positions in oil futures
In the week to 27 April, hedge funds added the equivalent of 30MMbbls in the six most important petroleum futures and options contracts
Market Update: Tuesday 4 May 2021 Helium One (AIM:HE1): Completion of extended 2D seismic campaign SDX Energy (AIM:SDX): SDX commences active drilling.