7th Jan 2025 12:01
(Alliance News) - Union Jack Oil PLC on Tuesday said a well in Seminole County, Oklahoma, has been spudded.
The oil and gas company focused on onshore US and UK assets has a 45% working interest in the Moccasin 1-13 well.
Operator of the well is Reach Oil & Gas Co.
Union Jack Oil Executive Chair David Bramhill said: "We look forward keenly to the drilling results from the Moccasin well that, if successful, has the potential to be significant for Union Jack and its future. 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."
In late November, Union Jack Oil announced the Taylor 1-16 well in the same location was drilled to a total depth of 4,577 feet and electric logs were acquired.
In September, the company reported that pretax profit fell 11% to GBP683,644 in the six months to June 30, from GBP765,926 a year ago. Oil revenue had declined 35% to GBP2.3 million from GBP3.6 million.
Union Jack Oil shares rose 5.4% to 9.75 pence each on late Tuesday morning in London.
By Tom Budszus, Alliance News slot editor
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