The latest update is out from Union Jack Oil ( (GB:UJO) ).
Union Jack Oil plc announced a commercial discovery at the Moccasin 1-13 well in Pottawatomie County, Oklahoma, where it holds a 45% working interest. The well, drilled to a depth of 5,690 feet, has shown promising results with significant oil production and no formation water, indicating excellent reservoir permeability. The installation of permanent production facilities has begun, with further testing ongoing. This discovery validates Union Jack’s technical assumptions and is expected to contribute to future cash flow and revenue expansion, enhancing the company’s presence in the USA oil market.
More about Union Jack Oil
Union Jack Oil plc is a company focused on onshore hydrocarbon production, development, exploration, and investment in the USA and UK. The company is engaged in the oil and gas industry, with a market focus on hydrocarbon extraction and production.
YTD Price Performance: 27.03%
Average Trading Volume: 273,209
Technical Sentiment Consensus Rating: Buy
Current Market Cap: £12.52M
For a thorough assessment of UJO stock, go to TipRanks’ Stock Analysis page.