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Union Jack Oil upbeat after Moccasin well commercial discovery
(Sharecast News) - US and UK-focused oil group Union Jack Oil has announced that its part-owned Moccasin 1-13 well in Oklahoma has been declared a commercial discovery after positive testing and permanent production facilities are being installed. Drilling at Moccasin, in which Union Jack owns a 45% stake, showed "several intervals" as hydrocarbon-bearing, and initial oil flows and analysis suggest "excellent reservoir permeability" with expected oil recovery rates of over 40%.
"The primary target was perforated, tested and confirmed as a significant oil producer with no formation water present," the company said.
A test programme is still ongoing with two other zones to be perforated and evaluated "in due course".
Executive chair David Bramhill said that early indications suggest Moccasin could provide "material" cash flows going forward, which will contribute to the expansion of the Andrews Field and Mineral royalty portfolio in the US.
"Moccasin has more than validated Management's confidence in its success, being a further commercial discovery in Oklahoma for Union Jack," he said.
Testing at Moccasin is ongoing, however, Union Jack and Reach [operator] are sufficiently confident of the results to date and the Joint Venture has commenced the installation of permanent production facilities."
Shares were up 2.1% at 12p by 0942 GMT.
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