REG - Union Jack Oil PLC - Project Update UK and USA

Union Jack OilAnnouncement

30/01/2026 07:00

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RNS Number : 9831Q  Union Jack Oil PLC  30 January 2026

30 January 2026

 

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")

Project Update UK and USA

 

Union Jack Oil plc (AIM: UJO, OTCQB: UJOGF) a USA and UK focused onshore
hydrocarbon production, development, exploration and investment company is
pleased to provide a project update in respect of its key projects in the
United Kingdom ("UK") and the United States of America ("USA")

 

United Kingdom

Wressle (PEDL180 and 182 - 40% interest)

Union Jack's flagship project Wressle, located in Lincolnshire, on the western
margin of the Humber Basin is one of the most productive conventional
oilfields in the UK.

Average production during January 2026 is circa 267 barrels of oil per day
("bopd") gross. On full production days the range has been between 267 and 339
bopd.

Site upgrades and facility improvements continue to be implemented to improve
efficiency, optimise production efficiencies and to eliminate routine flaring.

The Wressle project remains a high value asset in Union Jack's portfolio with
2P reserves of over 2,300,000 barrels of oil equivalent to be extracted
according to ERCE as stated within their Competent Persons Report published in
December 2023.

The Joint Venture parties are awaiting regulatory approvals for planning and
permit applications that will enable the next phase of field development to
take place.

 

Keddington Oilfield (PEDL005(R) - 55% interest)

The Keddington Oilfield is located along the highly prospective East Barkwith
Ridge, an east-west structural high on the southern margin of the Humber
Basin.

Following a major upgrade of site facilities and infrastructure during 2025,
Keddington was brought back on-line in June 2025 and to date, over 5,000
barrels of oil have been produced and sold.

Current production during January 2026 is approximately 36 bopd gross.

Planning permission is in place to drill a further two wells.

 

West Newton Development (PEDL183 - 16.665% interest)

West Newton is situated onshore UK, north of the River Humber, encompassing
the town of Beverley, East Yorkshire.  The licence area is within the western
sector of the Southern Zechstein Basin.

The West Newton drilling programmes have yielded substantial hydrocarbon
discoveries within the Kirkham Abbey formation and an independent resource
assessment by RPC indicates the presence of a contingent resource of 198
billion cubic feet of gas.

The Company`s technical team has further identified targets within the licence
area which indicate volumetrically significant prospective gas resources in an
untested formation.

The operator, Rathlin Energy (UK) Ltd ("Rathlin") has an ambitious work
programme planned for this project during 2026, subject to receipt of
regulatory consents.

 

United States

Since commencing activities is the USA in late 2023, Union Jack has:

·    Acquired material ownership interests in numerous drilling,
development and production projects in Oklahoma

·    Formed a drilling partnership with Reach Oil and Gas Company Inc.
("Reach")

·    Built a cash generating Mineral Royalty portfolio in the Permian
Basin, Bakken Shale and Eagle Ford Shale

The Company's activities in Oklahoma with its partner Reach remain cash flow
positive even at the low oil price scenario that the sector is currently
experiencing.

The Board of Union Jack is of the view that Oklahoma remains an excellent area
to operate, offering excellent potential and opportunities for the future.

 

Moccasin 1-13 (45% interest)

The Moccasin 1-13 well ("Moccasin") was drilled in January 2025 to test a dip
and fault closed structure west of the Wilzetta fault.

Moccasin encountered hydrocarbons in three zones, the 1(st) Wilcox,
Bartlesville and Red Fork sands. The 1(st) Wilcox Sand was perforated and
production established in February 2025. To date Moccasin has produced circa
18,000 barrels of good quality oil and is currently producing approximately 50
bopd.

The Red Fork and Bartlesville Sands have good hydrocarbon shows from the
geological sample log and the Computed Petrophysical Interpretation indicates
hydrocarbon presence in both of these formations. The hydrocarbons are "behind
pipe" and remain to be perforated at a later date.

Since completion of the 1(st) Wilcox Sand, Union Jack has purchased the 3D
seismic over the Moccasin prospect area. Preliminary evaluation indicates
another potential structure is present and mapping of the seismic is underway.

 

Crossroads (43% interest)

The Crossroads well, following regulatory delays, is now scheduled to be
drilled in Q1 2026.

Crossroads is a structural prospect with an area of 100 acres and 50 feet of
vertical closure, mapped by Reach from 3D seismic.

The main objective of the well is for oil in the middle Ordovician age Oil
Creek Sand. The James Thompson 1A well, located 1.5 kilometres north-west of
Crossroads tested 124 bopd from the Oil Creek formation. Other potential
reservoirs exist in the Tulip Creek and McClish formations. In addition,
Pennsylvanian Sands remain a viable target.

The mapped closure at Crossroads is the largest undrilled feature in the area
and has the potential to yield up to 1,800,000 barrels of oil.

Success case NPV10% is US$11,000,000 based on US$60 per barrel oil price.

 

Taylor 1-16 (45% interest)

The Cromwell formation was perforated and returned oil which has been sold to
market.

The Cromwell formation is scheduled to be treated with a nitrogen foam
treatment to enhance production in Q1.

A nitrogen foam treatment is a stimulation technique used in sandstone
reservoirs where liquid nitrogen is combined with a small volume of water and
surfactant to create a stable foam that carries proppant into induced
fractures.

This process is expected to improve clean up and production.

 

Andrews Field (45% interest)

The Andrews field comprising the Andrews 1-17 and 2-17 wells is producing in
excess of 100 thousand cubic feet of gas per day and a small amount of oil
which is being sold to market.

Since being brought into production the Andrews field has produced over 100
million cubic feet of gas and in excess of 10,000 barrels of oil.

 

David Bramhill, Executive Chairman of Union Jack, commented: "Union Jack holds
numerous valuable assets on both sides of the Atlantic.

"The potential revenues from an expansion at Wressle and a development at West
Newton are expected to be material to the Company.  I have no doubt that the
current attitude towards fossil fuels will change for the better in the UK and
it is a waiting game for the significant commercial and strategic costs of the
energy transition to become evident compared to the many merits of maintaining
and encouraging domestic oil and gas production.

"In the USA, Oklahoma also holds serious upside potential for the Company and
we look forward with positive anticipation to the results of the downhole well
treatment at Taylor 1-16 and the drilling of the high-impact Crossroads well.

"In light of the current oil price environment, a programme focused on costs
and efficiencies is being implemented that is expected to improve net cash
flow at the corporate level going forward."

 

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

 

Zeus
                                                                                                      +44
(0)20 3829 5000

Joint Broker

Antonio Bossi

Simon Johnson

George Duxberry

 

Gneiss Energy Limited
                                + 44 (0)20 3983 9263

Financial Adviser

Jon Fitzpatrick

Luke Kanczes

 

Harbour Access
                                        +1 (475) 477 9402

USA Investor Relations

Jonathan Paterson

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