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Union Jack Oil ( (GB:UJO) ) has issued an update.
Union Jack Oil has confirmed that the Crossroads Well in Oklahoma, operated by Reach Oil and Gas Company Inc., was spudded on 5 May 2026, with drilling expected to take around 10 days before results are reported to shareholders. The company holds a 43% interest in the project and has funded its share of drilling costs from existing cash, underlining its ongoing push to expand U.S. onshore production and diversify revenue streams without resorting to external financing.
The progress at Crossroads signals a further step in Union Jack’s strategy to build a balanced UK-U.S. asset base and may enhance its reserves and cash flow profile if drilling results are favourable. Successful outcomes could strengthen its competitive positioning among small-cap independents focused on conventional hydrocarbons, while demonstrating disciplined capital deployment and reinforcing investor confidence in its growth plans.
Spark’s Take on UJO Stock
According to Spark, TipRanks’ AI Analyst, UJO is a Neutral.
The score is primarily supported by a very strong, low-risk balance sheet (no debt) and sustained profitability since 2022, but is held back by 2024’s sharp profitability compression and negative/volatile free cash flow. Technicals show short-term strength but overbought momentum and a weaker longer-term trend, while valuation is difficult to support due to the negative P/E and missing dividend yield.
To see Spark’s full report on UJO stock, click here.
More about Union Jack Oil
Union Jack Oil plc is an onshore hydrocarbon company focused on production, development, exploration and investment in the UK and USA. Listed on AIM under the ticker UJO, the company targets conventional oil and gas projects, deploying its own cash resources to farm into and develop assets with material working interests.
Average Trading Volume: 1,180,064
Technical Sentiment Signal: Sell
Current Market Cap: £5.72M
Find detailed analytics on UJO stock on TipRanks’ Stock Analysis page.