REG - Union Jack Oil PLC - Moccasin 1-13 Well, Oklahoma, USA Update

Union Jack OilAnnouncement

04/03/2025 07:00

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RNS Number : 1819Z  Union Jack Oil PLC  04 March 2025

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 (mailto: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

 

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