To support its expanding U.S. drilling program, Union Jack raised £2.0 million though a private placement of 40 million shares at 5 pence (and warrants). We highlight the previous success of Union Jack's U.S. entry last year, with lower regulatory hurdles, including positive early results from the Moccasin well (45% working interest), drilled this year in Oklahoma with operator Reach Oil & Gas Company, and its two Andrews wells (45% working interest), which are generating cash flow from production. Cash will help fund the estimated $3 million cost of drilling three new Oklahoma wells (with working interests of 60%, 43%, and 30%, respectively) in 2H:25 with a combined potential PV10 of around $39 million, based on a $65 per barrel oil price, according to the company, and chance of success ranging from 40% to 80%. Union Jack has remained profitable on an annual basis, supported by U.K. production from Wressle (40% working interest), and recently restarted Keddington (55% working interest) following equipment upgrades and its U.S. royalty portfolio. While the balance sheet has remained healthy, with net cash of £2.5 million at the end of 2024, previous U.S. drilling had been funded entirely with cash flow. We therefore maintain our high risk rating.