Union Jack Oil, a dual UK and US-focused hydrocarbon explorer and producer, is advancing its ambitious growth strategy with significant developments in Oklahoma. The AIM-listed company has commenced drilling operations at the Moccasin 1-13 well while making progress on production testing at the Taylor 1-16 well. These milestones highlight Union Jack’s commitment to unlocking value from untapped reserves in proven geological regions, bolstering its already robust financial position.
Union Jack holds a 45% working interest in both the Moccasin and Taylor wells, underscoring its substantial stake in their potential success. The Moccasin well, located in Seminole County, Oklahoma, targets an untested structure in the Hunton and Wilcox formations, supported by 3D seismic data. Secondary targets include the Pennsylvanian Channel Sands and Base Pennsylvanian Unconformity Sand. Situated near established oilfields and linked to the Wilzetta Fault, the structure has been assessed by operator Reach Oil and Gas Company to hold significant hydrocarbon potential, particularly in the Base Pennsylvanian Sands, with a high likelihood of recoverable resources. The well, funded entirely through Union Jack’s cash reserves, will reach a total depth of 5,500 feet.
Progress continues at the Taylor 1-16 well, where three zones—Hunton, Misener, and Cromwell—have been identified for potential production. Initial testing in the Hunton zone has yielded light oil with no water, and a vacuum pump is expected to optimise flow rates within weeks. Testing will soon commence in the Misener zone, with plans to co-mingle output from all three reservoirs, maximising productivity. Like the Moccasin project, Taylor’s drilling and completion costs have been fully covered by Union Jack’s existing financial resources.
Executive chairman David Bramhill emphasised the company’s financial strength and the significance of these developments. With revenues flowing from the flagship Wressle project in the UK, as well as anticipated cash generation from Keddington and US-based assets, Union Jack is well-positioned for sustained growth. The addition of its US mineral royalty portfolio further complements cash flow, offering consistent returns alongside active production ventures.
Bramhill expressed optimism about the company’s trajectory, highlighting the strategic importance of its dual-country operations. With meaningful interests across its principal projects, Union Jack continues to execute its growth strategies, ensuring long-term value creation for its stakeholders.
Union Jack Oil plc (LON:UJO) is an oil and gas company with a focus on onshore production, development, exploration and investment opportunities within the United Kingdom and the United States of America hydrocarbon sector.
