Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Union Jack Oil further expands footprint in Oklahoma

(Sharecast News) - US and UK-focused onshore oil explorer Union Jack Oil has signed two further farm-in agreements with Reach Oil & Gas for the Wilzetta Fault oilfields in central Oklahoma, which is thought to have substantial reserves. Following two other agreements in Texas and Oklahoma signed with Reach over the past month, the AIM-listed company said it is also acquiring a 75% working interest in a well planned to be drilled in the third quarter to test the Footwall Fold Prospect at the Wilzetta Fault.

The second agreement is to acquire a 37.5% working interest in a 2D and 3D seismic acquisition programme to identify additional drillable prospects along the Wilzetta Fault.

"I am pleased to be able to bring another two, highly prospective farm-in projects to the company's Oklahoma, USA, drilling and mineral royalty portfolio," said Union Jack's executive chair David Bramhill.

"During late 2023 and early 2024, the company assembled an initial balanced collection of value adding assets, comprising three cash yielding mineral royalties, holding attractive upside potential, and a quality portfolio of near-term, exploration, drilling and seismic acquisition programmes that we believe have an excellent chance of success."

Meanwhile, Reach's president Jim McKenny said that the Wilzetta Fault is a "proven oil producing area with potential for the discovery of substantial reserves in a complex structural setting".

The stock was up nearly 3% at 18p by 1030 GMT.

Share this article

Related Sharecast Articles

Tesla lays off 285 workers in Buffalo as job cuts continue
(Sharecast News) - Electric carmaker Tesla is to lay off 14% of its staff across two plants in New York, the company said in a regulatory filing on Thursday, following large-scale job cuts announced earlier in the week.
Blackstone first-quarter earnings narrowly beat forecasts
(Sharecast News) - Blackstone, the world's largest private equity firm, reported marginally better than expected first-quarter earnings on Thursday.
TSMC forecasts jump in second-quarter sales
(Sharecast News) - Taiwan Semiconductor Manufacturing Co said on Thursday it expects sales to jump in the second quarter on strong demand.
Empire Metals completes third phase of drilling at Pitfield
(Sharecast News) - Empire Metals announced the successful conclusion of its third phase of reverse circulation (RC) drilling at the Pitfield Project in Western Australia on Thursday.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.