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 £683,644 in the six months to June 30, from £765,926 a year ago. Oil revenue had declined 35% to £2.3 million from £3.6 million.
Union Jack Oil shares rose 5.4% to 9.75 pence each on late Tuesday morning in London.
Copyright 2025 Alliance News Ltd. All Rights Reserved.
