REG - Union Jack Oil PLC - Moccasin 1-13 Well, Pottawatomie County, Update

Union Jack OilAnnouncement

25/02/2025 07:00

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RNS Number : 2758Y  Union Jack Oil PLC  25 February 2025

25 February 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 29 January 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.

 

•     Moccasin has been declared a commercial discovery

•     Moccasin 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

•     Several intervals were highlighted on electric logs as hydrocarbon
bearing following evaluation

•     The primary target was perforated, tested and confirmed as a
significant oil producer with no formation water present

•     Initial oil flows and log interpretation indicate excellent
reservoir permeability with oil recovery rates of over 40% to be expected

•     Light oil with minimal associated gas recovered

•     The installation of permanent production facilities has commenced

•     Moccasin confirms the trapping of hydrocarbons in multiple zones
within the structure

•     Test programme ongoing with two other zones to be perforated and
evaluated in due course

•     Moccasin drill and completion costs have already been funded from
the Company's cash resources

 

Moccasin was an untested 3D seismic supported 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. 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: "Moccasin has
more than validated Management's confidence in its success, being a further
commercial discovery in Oklahoma for Union Jack.  Testing at Moccasin is
ongoing, however, Union Jack and Reach are sufficiently confident of the
results to date and the Joint Venture has commenced the installation of
permanent production facilities.

"Although further testing is required, early indications suggest that Moccasin
could provide material cash-flow going forward, contributing to the expansion
of revenues from the Andrews Field and Mineral royalty portfolio in the USA, a
country that offers fair, attractive and balanced fiscal terms.

"We are extremely pleased with this discovery as it has now confirmed our
previous technical assumptions and a proof of concept that oil occurs in
structures to the west of the prolific Wilzetta fault.

"Progress in Oklahoma by the Company is highly satisfactory, emphasising the
positivity and encouragement given to industry entrepreneurs.

"We look forward to reporting further results from Moccasin on completion of
testing and the installation of permanent production facilities, expected
during Q1 2025."

 

Miles Newman, Chairman of Reach, commented: "We're delighted to see a nice
well at Moccasin.

"The Reach team at our office in Oklahoma City has been working on the geology
and geophysics of this area for many years and they're especially pleased to
deliver a discovery at Moccasin, safely and within budget."

 

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 Joint Broker

Matthew Johnson

Richard Hail

Jen Clarke

 

Shore Capital
 
   +44 (0)20 7408 4090

Joint Broker

Toby Gibbs

Harry Davies-Bell

 

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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