Union Jack Oil plc (LON:UJO), a predominantly UK onshore focused production, development and exploration company, has announced details of its initial expansion into the United States of America, with the purchase of three Mineral Royalty packages, brokered by the Company’s agent and adviser, Reach Oil & Gas Inc.
Union Jack is also poised to complete Joint Venture agreements with Reach, in respect of a number of value accretive, exploration, drilling, development and potential production ventures in Oklahoma, one of the highest ranked hydrocarbon production locations in the United States.
Royalties Purchased to Date
· Cronus Unit, containing a 25 well package in the Permian Basin, Midland County, Texas, (Effective date December 2023); the property is comprised of 9 Chevron and 16 XTO (a subsidiary of Exxon) operated wells