Union Jack Oil Announces Successful Moccasin 1-13 Well in Oklahoma
Why we think this is very good
The RNS provides a very positive update on the Moccasin 1-13 well, which has been declared a commercial discovery. The well is producing significant volumes of light crude oil, with initial flow rates of over 600 barrels per day. Permanent production facilities have been installed, and oil sales have commenced, representing a major milestone for the company. The successful testing and production from the well, along with the company's plans to further evaluate additional zones, suggest a strong outlook for the project.
Key Points
- Moccasin 1-13 well declared a commercial discovery
- Initial open hole average flow rate of 25.88 barrels of oil per hour, equating to 621 barrels of oil per day
- Well currently producing over 140 barrels per day of light crude oil
- Permanent production facilities installed, and oil sales have commenced
- Company plans to perforate and evaluate two other zones, the Red Fork and the Bartlesville Sandstones
Summary
Union Jack Oil (UJO) has provided a positive update on the testing of the Moccasin 1-13 well in Pottawatomie County, Oklahoma, USA, in which the company holds a 45% working interest. The primary objective, the 1st Wilcox formation, was perforated, tested and confirmed as a significant oil producer, with an initial open hole average flow rate of 25.88 barrels of oil per hour, equating to 621 barrels of oil per day. The well is currently being evaluated under restricted flow and has produced over 140 barrels per day of light crude oil. Permanent production facilities have been installed, and oil sales have commenced. The company plans to perforate and evaluate two other zones, the Red Fork and the Bartlesville Sandstones, in due course. The Moccasin well has been declared a commercial discovery, and the company is fully funded to continue the development and testing of the well.