The share price of Union Jack Oil [LSE: UJO], a UK-focused onshore hydrocarbon production, development and exploration company, is back down again despite encouraging news in January from its flagship assets, Wressle and West Newton in North Lincolnshire. The news pushed the price up 13% to 17.00p, before slipping back to 13.48p (as at 8 February), wiping out last month’s gains.
The UJO share price, barring a few surges, has been declining steadily for some time now, from the September 2014 peak of 87.30p, to last December hitting a 10-year low of 11.00p. Despite some quite positive news flow last year, which indicated that UJO was sitting on some very promising assets, it seems investors remain to be convinced. But, as veteran analyst Malcolm Graham Wood said in an interview with IG Group, UJO is one company whose value “the market has just failed to to get to grips with”.
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