Union Jack Oil plc’s latest venture in Seminole County, Oklahoma, marks a significant step forward. The Moccasin 1-13 well, operated by Reach Oil and Gas Company Inc, exemplifies the company’s strategic focus on projects with transformative potential. With a 45% working interest in the well and costs already covered by existing cash resources, Union Jack is reinforcing its position as a resilient and forward-looking player in the energy sector.
Union Jack Oil plc’s investment in the Moccasin 1-13 well highlights the company’s confidence in its US ventures. The well, the fourth in the joint venture with Reach Oil and Gas, is set to be drilled to a target depth of 5,500 feet. This project joins the company’s impressive portfolio, including the Taylor and Andrews wells, which have further solidified Union Jack’s presence in the region. Moccasin, if successful, is expected to play a pivotal role in advancing the company’s growth strategies in both the UK and the US.
Executive Chairman David Bramhill emphasised the strategic importance of the Moccasin well, noting its potential to drive long-term value. He reiterated the company’s commitment to its principal projects, which he believes will underpin Union Jack’s ambitions for sustained expansion across key markets.
Progress at the joint venture’s Taylor 1-16 well provides further optimism. Drilled in late 2024 to a depth of 4,577 feet, Taylor has revealed three promising production zones: Hunton, Misener, and Cromwell. Initial testing of the Hunton formation yielded light oil with no water, and a vacuum pump is expected to optimise production in the coming weeks. Additional testing of the Misener zone is scheduled, with the ultimate goal of co-mingling production from all three reservoirs to maximise output.
Union Jack continues to diversify its revenue streams. Alongside its US ventures, the company benefits from steady income from its UK operations, including the Wressle project in North Lincolnshire. The forthcoming restart of operations at Keddington in early 2025 further underscores the company’s ability to maintain a robust and balanced portfolio.
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.
