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

Union Jack OilAnnouncement

29/01/2025 07:00

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RNS Number : 0129V  Union Jack Oil PLC  29 January 2025

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 (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-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

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