Union Jack Oil plc reported the commercial discovery of a “significant” oil producer of the joint venture Moccasin 1-13 well located in Pottawatomie County, Oklahoma, USA.
ZONES
The company holds a 45% working interest while operator Reach Oil & Gas Company Inc owns 55%.
The Moccasin structure is a compressive feature associated with the regional Wilzetta Fault.
Drilled to a total depth of 5,690 feet, the primary target was perforated, tested with no formation of water.
Union Jack said that initial flows and log interpretation indicated “excellent” reservoir permeability with oil recovery rates of “over 40% to be expected”.
Reach recovered light oil with “minimal” gas and has begun to instal permanent production facilities.
“We’re delighted to see a nice well at Moccasin,” added Reach chairman Miles Newman.
“The Reach team at our office in Oklahoma City has been working on the geology and geophysics of this area for many years and they’re especially pleased to deliver a discovery at Moccasin, safely and within budget.”
Union Jack said that Moccasin confirmed the trapping of hydrocarbons in “multiple zones” within the structure.
Testing continues with two other zones due to be perforated and evaluated.
“Moccasin has more than validated management’s confidence in its success, being a further commercial discovery in Oklahoma for Union Jack,” added executive chairman David Bramhill.
“Although further testing is required, early indications suggest that Moccasin could provide material cash-flow going forward, contributing to the expansion of revenues from the Andrews field and mineral royalty portfolio in the USA, a country that offers fair, attractive and balanced fiscal terms.
“We are extremely pleased with this discovery as it has now confirmed our previous technical assumptions and a proof of concept that oil occurs in structures to the west of the prolific Wilzetta fault.”