Union Jack Oil plc 是一家专注于英国和美国陆上碳氢化合物生产、开发、勘探和投资的公司，该公司很高兴地宣布，该公司在美国的战略扩张以及其快速增长的石油和天然气生产和创收活动取得了积极的进展。

该公司还高兴地确认，经过完井和测试，Andrews 2-17 井已被宣布为商业发现。

此更新提供以下信息：
· Andrews 油田的生产和开发，包括 Andrews 1-17 井和最近钻探并完成的 Andrews 2-17 井
· 收购将在 2024 年第四季度钻探活动中钻探的 Taylor 井和 Moccasin 井 45% 的权益
· Union Jack 在美国其他活动的总体进展

Andrews 1-17（Union Jack 45%）
· Andrews 1-17 井已被宣布为商业发现
· 自 2024 年 5 月下旬进行限制性和定期性测试生产以来，Andrews 1-17 井已生产出 6,460 桶优质超轻质油，重力约为 46 API 度，以及 382,​​000 立方英尺的天然气
· Andrews 1-17 井仍在使用抽油机进行试采，同时正在确定最佳流速
· 将天然气管道连接至 Andrews 1-17 井的工程近期已完工，天然气已销往市场
· Andrews 1-17 井产出的水将通过最近铺设的管道输送至 Coker 注入井，以重建 Rogers 和 S&M 生产井 (Rogers 二次采油项目 - Union Jack 45%) 的储层压力，从而大大节省 Andrews-1 的 OPEX 成本，并最终实现生产优化
· 钻井和完井成本已从公司的现金资源中支付

Andrews 1-17 井的主要目标是 Hunton 石灰岩 (“Hunton”)，这是俄克拉荷马州的主要碳氢化合物储层之一，已穿透约 4,200 英尺，显示出高孔隙度、较高的气体读数，并且电缆测井资料显示储层质量良好。

Hunton 不整合地覆盖着主要的含油源岩 Woodford 页岩，是石油运移的绝佳位置。Andrews

2-17 井（Union Jack 45%）
·Andrews 2-17 宣布为商业发现
·Hunton 井已穿孔，并于 2024 年 8 月初完工
·Andrews 2-17 目前正在试产，可自由流动的高品质、超轻 46 度 API 重力油，且不含水
· 由于气体膨胀驱动，油井自然产出
· 自 2024 年 8 月 7 日开始限制和定期试产以来，Andrews 2-17 井已产出 544 桶石油和 1,895,000 立方英尺天然气
· 第一批石油和天然气已销往市场
· Andrews 2-17 和 1-17 已连接到当地天然气管道，产品正在出售给 Enerfin，这是一家私营天然气和石油公司，在俄克拉荷马州、德克萨斯州和路易斯安那州拥有数千英里的管道基础设施
· 在测试条件下，每天的石油产量为 184 桶，天然气产量为 320,000 立方英尺
· 由于井口压力高达 1,250 psi，石油和天然气产量目前受到限制，节流阀减小至 14/64 英寸（约为节流阀尺寸的 25%）
· 正在努力使 Andrews 的两口井都达到最佳产量获得节流口尺寸、管线压力和产油率之间的完美平衡
·在建立稳定流量的同时，生产率保持可变
·钻井和完井成本已经从公司现有的现金资源中支付。

安德鲁斯 2-17 井的主要目标是亨顿石灰岩，其穿透深度为 4,180 英尺，显示出升高的气体读数、良好的油气显示、从亨顿间隔的顶部到底部的污点和荧光。

俄克拉荷马州塞米诺尔县泰勒井 45% 的开采和钻探权

Union Jack 已同意从 Reach Oil & Gas Inc（“Reach”）收购泰勒井 45% 的工作权益，计划于 2024 年第四季度与 Moccasin 井（如下所述）连续钻探。

泰勒是一个未经测试的 3D 地震支持的 Hunton Remnant 勘探区，次要目标位于 Misener 和 Wilcox 砂岩中。

· 类似案例表明成功后将产生可观的经济效益
· 20 世纪 20 年代，Taylor 北部和东部的 Wilcox 构造产量丰富，每天可产出数千桶石油
· 区块包括 Taylor Hunton 勘探区、两个 Wilcox 构造和可能位于加密位置的 Misener 油田
· 运营商估计成功的地质概率为 40%
· 向 Reach 支付的规划和后续成本为 309,000 美元
· 估计钻井和完井成本约为 516,000 美元净额
· 未来，进一步钻井的成本将基于未推广的 45% 工作权益
· 成本将从现有现金资源中支付

历史上，该地区有几个备受瞩目的产油田，例如 North East Tibby（1,600,000 桶石油）、Gray（6,000,000 桶石油）和 West Burnett（1,200,000 bbls 石油）。45

% 俄克拉荷马州波塔瓦托米县莫卡辛油井的开采和钻探
Union Jack 已同意从 Reach 手中收购 Moccasin 井 45% 的开采权益，该井计划与上述 Taylor 井连续钻探。Moccasin

是一个未经测试的 3D 地震支持的 Hunton 和 Wilcox 结构，次要目标是 Pennsylvanian Channel Sands 和 Base Pennsylvanian Unconformity Sand。

· 类似案例表明成功后将产生可观的经济效益
· 运营商评估在 Base Pennsylvanian 找到可移动碳氢化合物的可能性很高，在其他目标区域的成功率约为 50%
· 构造靠近 Woodford 页岩，而 Woodford 页岩是该地区轻质油的主要来源
· 向 Reach 支付了 256,000 美元的规划和后续成本
· 估计钻井和完井成本为 600,000 美元净额
· 未来，进一步钻井的成本将基于未提升的 45% 工作权益
· 成本将从现有现金资源中支付

Moccasin 构造是与区域 Wilzetta 断层相关的压缩特征。该走滑断层活跃于奥陶纪至早石炭纪，并形成了几处大型油藏。在计划中的 Moccasin 油井区域，断层偏移导致压缩力形成众多穹顶和断层结构，这些结构已证实具有丰富的油田，例如相邻的东北肖尼和西北红山油田，这些油田已生产了超过 6,000,000 桶石油。

俄克拉荷马州塞米诺尔县 Wilzetta Diana-1 底板褶皱钻井项目（英国国旗 75%）

继 Taylor 井和 Moccasin 井之后，Union Jack 已与 Reach 达成协议，将钻探 Diana-1 井，以测试 Wilzetta 断层范围内的底板褶皱勘探区。
· 威尔泽塔断层带主要目标位于更深的构造之下，该构造还将通过高冲击力井进行测试，估计可采石油量超过 200,000 桶
· 高浮雕压缩褶皱，具有大型逆断层
· 最近重新处理的 3D 地震数据支持的勘探区划
· 丰富的威尔泽塔断层带是俄克拉荷马州中部众多油田的所在地，附近的类似生产地包括：
- 东北肖尼油田，位于黛安娜 1 号井位以南三英里，迄今为止已生产超过 5,800,000 桶石油
- 西贝尔蒙特油田，迄今为止已生产超过 580,000 桶石油
- 阿灵顿油田，位于黛安娜 1 号井东北十英里，迄今为止已生产超过 1,800,000 桶石油

罗杰斯二次采油项目，俄克拉荷马州塞米诺尔县（英国国旗 45%）
罗杰斯提高采油率项目位于距离 Andrews 1-17 发现井约两公里，并计划大幅增加 Rogers 和 S&M 两口旧生产井的交付量。

运营商计算的基准二次采收量表明，最多可再采收 124,000 桶石油。公司认为，该项目的经济效益极具吸引力，表明按现行油价计算，未来总收入约为 750 万美元，内部收益率接近 80%。

来自附近油井的水将被注入 Coker 注入井，以重建油藏压力并增加碳氢化合物产量。

董事们认为，Rogers 项目在战略和位置上与公司投资组合完美契合，将有助于提供运营协同效应并增加产量和收入。

俄克拉荷马州塞米诺尔县东肖尼 3D 地震采集计划（Union Jack 37.5%）
东肖尼 3D 地震采集计划旨在确定威尔泽塔断层（也称为塞米诺尔隆起）沿线的更多勘探前景。

Reach 目前正在与土地所有者完成许可，在 9 月份清理振动源线路，并将于 2024 年 10 月初开始地震采集。

这项 3D 地震采集计划的目标是在 2025 年钻探活动期间生成待钻探的勘探区。

美国公司更新
自 2024 年初在美国开展业务以来，Union Jack 在建立一家能产生现金的碳氢化合物企业和建立新的企业“北美品牌”方面取得了重大进展，该品牌是对公司已经成功的英国石油生产和开发业务的补充。

董事们对今年迄今取得的快速进展感到高兴，我们已经从安德鲁斯油田产生并积累了石油和天然气收入，预计公司在六个月内就能收回初始投资。

董事们认为，在短时间内组建的平衡投资组合无论以何种标准衡量都代表着卓越的进步。Union

Jack 在 165 口油井中持有代理权益的 Mineral Royalty 投资正在提供稳定、安全且有吸引力的收入来源。迄今为止的投资回报率约为 20% 以上，将在公司将于 2024 年 9 月发布的半年报告中全面报告。2024

年 4 月，Union Jack 获准在美国 OTCQB 创业板上市，股票代码为 UJOGF。

公司认为，其普通股在伦敦证券交易所的 OTCQB 和 AIM 市场双重交易将随着时间的推移为投资者带来更多好处，包括为美国投资者提供更便捷的交易渠道，以及由于投资者地理分布更广泛而增加的流动性。

同样在 2024 年 4 月初，Harbor Access（网址：harbor-access.com）是一家积极主动的北美投资者关系集团，被任命代表 Union Jack，协助提高知名度并促进公司在美国金融市场的更好了解。Lighthouse

Equity Research（Sidoti & Company LLP 的一部分）已被聘请为 Union Jack 在美国提供股票研究报道。Union Jack 的初步分析预计将于 2024 年 9 月初发布。在 2024 年

剩余时间里，公司打算任命一位美国股票经纪人来加强其最近在美国建立投资者基础的举措。

Union Jack 执行主席 David Bramhill 表示：“我非常高兴看到我们与合作伙伴 Reach 在美国取得的初步成功和重大进展。

我们今年年初进入北美市场，很难相信在如此短的时间内就能获得如此丰厚的回报。

俄克拉荷马州的碳氢化合物资源潜力巨大，我们期待在 2024 年第四季度钻探 Taylor 和 Moccasin 井，然后钻探 Diana-1 井，所有这些井的成功都具有巨大的潜力。

“我期待在半年报告中报告美国业务的进一步进展，以及我们在英国的宝贵资产，包括产生现金的 Wressle 项目、West Newton、Biscathorpe、Keddington 和 North Kelsey。

我们仍然致力于我们目前的所有英国项目，并谨慎乐观地认为，新政府的财政和监管澄清将使我们行业的业主和企业家能够向前迈进，并继续提供可靠的国内生产，支持就业并在未来许多年提供税收收入。”

Reach 董事长 Miles Newman 评论道：“我们很高兴 Andrews 2-17 井的 3D 地震结果符合预期。我们购买了 Stryde 节点地震系统，以高效且廉价地获取我们自己的地震数据，并很高兴验证解释结果。

“安德鲁斯油田的第二口井在安德鲁斯 1-17 井上方 30 英尺处发现了富有成效的亨顿储层。天然气销售管道现已按时投入使用，且低于预算。该井自由流动着大量石油和天然气，并且不含水。

安德鲁斯油田正在开发中，我们非常高兴现在将注意力转向 2024 年第四季度的钻探活动，目标是泰勒和莫卡辛勘探区。”

Union Jack Oil plc a UK and USA focused onshore hydrocarbon production, development, exploration and investment company is pleased to announce a positive update in respect of the Company`s strategic expansion into the USA and its rapidly growing oil and gas production and revenue generating activities.

The Company is also pleased to confirm that, following completion and testing, the Andrews 2-17 well has been declared a commercial discovery.

This update provides information on:
· Production and development from the Andrews field, comprising the Andrews 1-17 and recently drilled and completed Andrews 2-17 wells
· The acquisition of a 45% interest in the Taylor and Moccasin wells to be drilled in the Q4 2024 drilling campaign
· General progress regarding Union Jack`s other USA activities

Andrews 1-17 (Union Jack 45%)
· Andrews 1-17 well has been declared a commercial discovery
· Since being placed on restricted and periodic test production during late May 2024, the Andrews 1-17 well has produced 6,460 barrels of high-quality, ultra-light oil with a gravity of approximately 46 degrees API and 382,000 cubic feet of gas
· Andrews 1-17 well is still under test production using a pump jack whilst the optimum flow rate is being determined
· Works to connect a gas pipeline to the Andrews 1-17 well have recently been completed and gas has been sold to the market
· Water produced from the Andrews 1-17 well will be transported via a recently laid pipeline to the Coker injector well to rebuild reservoir pressure in the Rogers and S&M production wells (Rogers Secondary Recovery project - Union Jack 45%), providing considerable savings on OPEX costs at Andrews-1 and allowing eventual production optimisation
· Drilling and completion costs have already been paid for from the Company`s cash resources

The primary target for the Andrews 1-17 well, the Hunton Limestone ("Hunton"), one of the main hydrocarbon reservoirs in Oklahoma, was penetrated at approximately 4,200 feet, showing high porosity, elevated gas readings with good reservoir quality being interpreted on the wireline logs.

The Hunton is unconformably overlain by the main oil-prone source rock, the Woodford Shale and is in an excellent position for the migration of oil.

Andrews 2-17 Well (Union Jack 45%)
· Andrews 2-17 declared a commercial discovery
· Well perforated in the Hunton and completed early August 2024
· Andrews 2-17 is now on test production and free flowing high-quality, ultra-light 46 degrees API gravity oil, significantly with no water
· The well produces naturally due to a gas expansion drive
· Since being placed on restricted and periodic test production from 7 August 2024, the Andrews 2-17 well has produced 544 barrels of oil and 1,895,000 cubic feet of gas
· First oil and gas already being sold to market
· Andrews 2-17 and 1-17 have been connected to a local gas pipeline and product is being sold to Enerfin, a privately held natural gas and oil company with several thousand miles of pipeline infrastructure in Oklahoma, Texas and Louisiana
· Under test conditions production rates of 184 barrels of oil and 320,000 cubic feet of gas per day have been recorded
· Due to high wellhead pressure of 1,250 psi, oil and gas production is currently constrained and the choke reduced to 14/64" (approximately 25% of choke size)
· Work is ongoing to reach optimum production on both Andrews wells to obtain the perfect balance of choke size versus line pressure and oil rate
· Production rates remain variable whilst a stable flow rate is established
· Drilling and completion costs have already been paid for from the Company`s existing cash resources

The main objective for the Andrews 2-17 well, the Hunton Limestone, was penetrated at 4,180 feet, showing elevated gas readings, good oil and gas shows, stain and fluorescence from top to bottom of the Hunton interval.

45% Farm-In and Drilling of the Taylor Well, Seminole County, Oklahoma

Union Jack has agreed to acquire from Reach Oil & Gas Inc ("Reach") a 45% working interest in the Taylor well, planned to be drilled back-to-back with the Moccasin well (described below) during Q4 2024.

Taylor is an untested 3D seismic supported Hunton Remnant prospect with secondary targets in the Misener and Wilcox sands.

· Analogue case indicates robust economics on success
· Wilcox structures to the north and east of Taylor were prolific in the 1920s, producing in the thousands of barrels of oil per day
· Acreage includes Taylor Hunton Prospect, two Wilcox structures and Misener field with possible infill location
· Operator estimated 40% geological chance of success
· Planning and back costs of US$309,000 paid to Reach
· Costs for drilling and completion of the well are estimated to be approximately US$516,000 net
· Going forward, the costs of further wells will be based on an unpromoted 45% working interest
· Costs will be paid from existing cash resources

Historically, there have been several regional high-profile producing fields such as North East Tibby (1,600,000 bbls oil), Gray (6,000,000 bbls oil) and West Burnett (1,200,000 bbls oil).

45% Farm-In and Drilling of the Moccasin Well, Pottawatomie County, Oklahoma
Union Jack has agreed to acquire from Reach a 45% working interest in the Moccasin well which is planned to be drilled back-to-back with the Taylor well described above.

Moccasin is an untested 3D seismic supported Hunton and Wilcox structure with secondary targets in Pennsylvanian Channel Sands and Base Pennsylvanian Unconformity Sand.

· Analogue case indicates robust economics on success
· Operator assesses a high chance of finding movable hydrocarbons in the Base Pennsylvanian and an approximate 50% chance of success in other target zones
· Structure lies close to the Woodford Shale, the main source for light oil across the region
· Planning and back-costs of US$256,000 paid to Reach
· Cost for drilling and completion of the well are estimated to be US$600,000 net
· Going forward, the costs of further wells will be based on an unpromoted 45% working interest
· Costs will be paid from existing cash resources

The Moccasin structure is a compressive feature associated with the regional Wilzetta fault. This strike slip fault was active through the Ordovician to early Carboniferous periods and is responsible for several large oil accumulations. In the area of the planned Moccasin well, a deviation in the fault has caused compressive forces forming numerous dome and fault structures which have led to proven prolific oilfields such as the adjacent North-East Shawnee and North-West Redhill fields that have produced more than 6,000,000 barrels of oil.

Wilzetta Diana-1 Footwall Fold Drilling Project, Seminole County, Oklahoma (Union Jack 75%)

Union Jack has an agreement with Reach to drill the Diana-1 well, to test a Footwall Fold Prospect within the Wilzetta Fault play, following the drilling of the Taylor and Moccasin wells.
· Main Wilzetta Fault zone target is underlain by a deeper structure that will also be tested with a high-impact well with estimated recoverable oil in excess of 200,000 bbls
· High relief compressional fold with a large reverse fault
· Prospect mapping supported by recently reprocessed 3D seismic data
· The prolific Wilzetta Fault plays are the site of numerous oilfields across central Oklahoma with nearby analogue production from:
- North East Shawnee field, three miles south of the Diana-1 well location, which has produced more than 5,800,000 barrels of oil to date
- West Belmont field, which has produced more than 580,000 barrels of oil to date
- Arlington field, ten miles north-east of Diana-1, which has produced more than I,800,000 barrels of oil to date

Rogers Secondary Recovery Project, Seminole County, Oklahoma (Union Jack 45%)
The Rogers enhanced oil recovery project is located approximately two kilometres from the Andrews 1-17 discovery well and includes plans to significantly increase delivery from Rogers and S&M, two legacy production wells.

Base case secondary recovery volumes calculated by the Operator suggest that up to a further 124,000 barrels of oil can be recovered. The Company believes the project economics are highly attractive indicating future gross revenues at prevailing oil prices of approximately US$7.5 million, and an IRR approaching 80%.

Water production sourced from nearby wells will be injected into the Coker injector well to rebuild reservoir pressure and increase hydrocarbon production.

The directors believe the Rogers project offers an excellent strategic and locational fit within the Company`s portfolio and will help provide operational synergies and increase production and revenues.

East Shawnee 3D Seismic Acquisition Programme, Seminole County, Oklahoma (Union Jack 37.5%)
The East Shawnee 3D seismic acquisition programme is designed to identify further prospects along the Wilzetta Fault, also known as the Seminole Uplift.

Reach is currently completing permitting with the landowners, clearing lines for a vibration source during September and will commence seismic acquisition in early October 2024.

The objective of this 3D seismic acquisition programme is to generate prospects to be drilled during the 2025 drilling campaign.

USA Corporate Update
Since the commencement of activities in the USA from a standing start in early 2024, Union Jack has made significant progress in building a cash generating hydrocarbon venture and establishing a new corporate "North American brand" complementing the Company`s already successful oil production and development business in the UK.

The directors are delighted with the rapid progress made in the year-to-date and we are already generating and banking oil and gas revenues from the Andrews field where payback is expected on the Company`s initial investment within six months.

The directors believe the balanced portfolio assembled in a short period of time represents excellent progress by any standard.

The Mineral Royalty investments where Union Jack holds proxy interests in 165 wells are delivering a consistent, safe and attractive income stream. Return on investment to date equates to approximately 20%+ and will be reported on comprehensively in the Company`s Half Yearly Report which will be published during September 2024.

During April 2024, Union Jack was admitted to trading on the OTCQB Venture Market in the USA and trades under the ticker UJOGF.

The Company believes that dual trading of its ordinary shares on the OTCQB and the AIM Market of the London Stock Exchange will, in time, provide enhanced investor benefits, including uncomplicated trading access for investors based in the USA and increased liquidity due to a broader geographic pool of investors.

Also in early April 2024, Harbor Access (web: harbor-access.com), a proactive North American based Investor Relations Group, was appointed to represent Union Jack and assist with increasing visibility and facilitating a better understanding of the Company in the USA financial markets.

Lighthouse Equity Research, part of Sidoti & Company LLP has been engaged to provide equity research coverage of Union Jack in the USA. Initial analysis of Union Jack is expected to be published in early September 2024.

During the remainder of 2024, the Company intends to appoint a USA based stockbroker to reinforce its recent initiatives in establishing an investor base in the USA.

David Bramhill, Executive Chairman of Union Jack, commented: "Obviously I am delighted at the initial success and significant progress being made in the USA alongside our partners, Reach.

"It is difficult to believe that our entry into North America at the start of the year would yield such material returns in such a short period of time.

"The hydrocarbon opportunities in Oklahoma are considerable and we look forward to drilling the Taylor and Moccasin wells during Q4 2024, followed by the Diana-1 well, all of which hold considerable upside on success.

"I look forward to reporting on further USA progress in the Half Yearly Report and also on our valuable UK assets which include the cash generating Wressle project, West Newton, Biscathorpe, Keddington and North Kelsey.

"We remain committed to all of our current UK projects and are cautiously optimistic that fiscal and regulatory clarification from the new government will allow the owners and entrepreneurs in our industry to move forward and continue to provide reliable domestic production, supporting jobs and delivering tax revenues for many years to come."

Miles Newman, Chairman of Reach commented: "We are very pleased that the Andrews 2-17 well has come in as expected from our 3D seismic. We purchased a Stryde node seismic system to efficiently and inexpensively acquire our own seismic and are delighted to prove up the interpretations.

"The second well in the Andrews field encountered the productive Hunton reservoir 30 feet up-dip from the Andrews 1-17 well. The gas sales line has now been commissioned, on time and under budget. The well is free flowing good quantities of oil and gas and is water free.

"The Andrews field is being developed and we are very excited to turn our attention now to the Q4 2024 drilling campaign, targeting the Taylor and Moccasin Prospects."