29 January 2025
This
announcement contains inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms
part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
Union Jack Oil plc
("Union Jack" or the
"Company")
Moccasin 1-13 Well, Pottawatomie
County, Oklahoma, USA Update
Union Jack Oil plc (AIM: UJO, OTCQB: UJOGF) a
USA and UK focused onshore hydrocarbon production, development,
exploration and investment company is pleased to announce a
positive update on the Moccasin 1-13 well ("Moccasin"), located in
Pottawatomie County, Oklahoma, USA. Union Jack holds a 45%
working interest in this well.
·
Moccasin drilled on budget to Target Depth of 5,690
feet
·
Electric logs have been acquired and several zones of
interest and test intervals have been identified
·
Production casing has been run and cemented
· The
technical team at Reach Oil and Gas Company Inc., the Operator,
have informed Union Jack that evaluation and testing will begin on
or around 3 February 2025
·
Moccasin drill and completion costs have already been funded
from the Company`s cash resources
Moccasin was an untested 3D seismic supported
Hunton and Wilcox structure with secondary targets in Pennsylvanian
Channel Sands and Base Pennsylvanian Unconformity Sand. The
Moccasin structure is a compressive feature, associated with the
regional Wilzetta Fault. This strike-slip fault was active
through the Ordovician to early Carboniferous periods and is
responsible for several large oil accumulations.
The Woodford Shale, the main source for light
oil across the region is present within the Moccasin structure and
between the primary reservoir targets.
In the area of the Moccasin well, a deviation
in the fault has caused compressive forces forming numerous dome
and fault structures which have led to proven oilfields, such as
the adjacent productive North-East Shawnee and North-West Redhill
fields.
David
Bramhill, Executive Chairman of Union Jack,
commented: "We look forward with positive
anticipation to the evaluation and test results from Moccasin which
have the potential to be of major importance for Union
Jack.
"I am pleased to report that the Company
remains in a robust financial position having paid all major
outgoings including drilling and completion costs for its current
USA activities.
"We continue to generate material revenues in
the UK from our flagship project at Wressle (Union Jack 40%), where
approvals to proceed with the next stage of development are
awaited. These revenues are expected to be boosted by
Keddington production (Union Jack 55%), where restart is expected
in early 2025.
"Cash generation in the UK is complemented by
our entry into the USA which we announced in early 2024, with cash
flow from the two Andrews' wells discoveries (Union Jack 45%), plus
additional revenues from our US Mineral royalty portfolio that
provides a constant and pleasing rate of return of over 31% on our
investment.
"Notably, we have meaningful interests in all
our principal projects that we believe will assist in delivering on
our stated growth strategies in both the UK and USA.
"We look forward to reporting in due course on
evaluation and test results from Moccasin and completion results
from the Taylor 1-16 well drilled late 2024."
For further
information, please contact:
Union Jack Oil
plc
info@unionjackoil.com
David Bramhill
SP Angel
Corporate Finance
LLP
+44 (0)20 3470 0470
Nominated
Adviser and Joint Broker
Matthew Johnson
Richard Hail
Jen Clarke
Shore Capital
+44 (0)20 7408 4090
Joint
Broker
Toby Gibbs
Harry Davies-Ball
Gneiss Energy
Limited
+ 44 (0)20 3983 9263
Financial
Adviser
Jon Fitzpatrick
Paul Weidman
Harbour
Access
+1 (475) 477 9402
USA Investor
Relations
Jonathan Paterson
