4 March 2025
This
announcement contains inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) 596/201
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, further
to the RNS dated 25 February 2025, a positive update on the testing
of the Moccasin 1-13 well ("Moccasin"), located in Pottawatomie
County, Oklahoma, USA. Union Jack holds a 45% working interest in
this well. Reach Oil & Gas Company Inc ("Reach"), the
Operator, holds the remaining 55% working interest.
• The
primary objective, the 1st Wilcox formation was perforated, tested
and confirmed as a significant oil producer, free flowing under
natural pressure, with no formation water present and minimal
associated gas
•
Initial open
hole average flow rate over several test
periods and a number of days was recorded at 25.88 barrels of
oil per
hour equating to 621 barrels of
oil per
day
• Moccasin
is currently being evaluated under highly restricted flow using
various choke sizes and has produced over 140 barrels
per day
of light crude oil with an API of 32 degrees, under
a 13/64
choke (approximately 0.2 of an inch).
During this evaluation phase, Moccasin will be further restricted
with a smaller choke to monitor pressure to determine the
production rate for maximum ultimate oil recovery
• The
installation of permanent production facilities, comprising oil
storage tanks, separator and flowlines is complete and oil sales
have commenced
• Moccasin
confirms the trapping of hydrocarbons in multiple zones within the
structure
• Two
other zones, the Red Fork and the Bartlesville Sandstones to be
perforated and evaluated in due course
• Moccasin
drill and completion costs have already been funded from the
Company's cash resources
Moccasin, now declared a commercial discovery,
was drilled to a Total Depth of 5,690 feet to test a dip and fault
closed structure, mapped from 3D seismic, downthrown on the west
side of the Wilzetta fault.
Moccasin was an untested structural prospect
with secondary targets in the Pennsylvanian Sands. 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.
David
Bramhill, Executive Chairman of Union Jack,
commented: "The flow rates currently being seen
from Moccasin, subject to further testing, are expected to provide
material revenues to Union Jack going forward, adding to the
financial contributions from the Andrews Field and the S&M
well, part of our Rogers secondary recovery project, where a
modicum of gas is now being produced and sold to market and the
consistent monthly income from the Company`s Mineral royalty
portfolio.
"Union Jack and Reach are currently planning to
test a further 3D seismic supported structure which appears very
similar to the Moccasin feature. Details of this potentially
high-impact well, planned to be drilled in Q2 2025 and funded from
the Company's existing cash resources will be announced when
confirmed.
"We are of course delighted at this success at
Moccasin which has opened a raft of new and compelling
opportunities for the Company in Oklahoma."
Miles Newman,
Chairman of Reach, commented: "We are very
pleased with the rates and pressure of the Moccasin
well.
"It's excellent to see all the hard geological,
geophysical and data gathering over the years bear
fruit.
"We are looking forward to building our
successful partnership with Union Jack further."
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 Broker
Matthew Johnson
Richard Hail
Jen Clarke
Gneiss Energy
Limited
+44 (0)20 9263 3983
Financial
Adviser
Jon Fitzpatrick
Paul Weidman
Harbor
Access
+1 (475) 477 9402
USA Investor
Relations
Jonathan Paterson
