• Yesterday, Union Jack announced initial average open hole flow rates from its recently completed Moccasin 1-13 well (45% UJO working interest) of 621 boe/d (barrels of oil per day) and is currently producing 140 bpd during the evaluation phase. • Permanent production facilities, including storage tanks and flowlines, have been installed and oil sales have begun. • Union Jack and the operator are planning an additional well in 2Q:25 pending further 3D seismic testing. • This is Union Jack’s fourth U.S. well with the operator for UJO’s program, Reach Oil and Gas Company Inc., since entering the market last year. Its two Andrews wells (45% working interest) are already generating cash flow from production. • We will update our estimates after Union Jack reports full year 2024 results. • The U.S. drilling program is supported by cash flow from UJO’s onshore U.K. Wressle oil and gas field (40% interest), with approval pending for further development, as well as the expected restart of production from Keddington (55% interest) early this year, and from its U.S. mineral royalty portfolio, which includes royalites from 165 wells in the Permian Basin as week as the Bakken and Eagle Ford shales. • The balance sheet remains healthy. As of June 30, 2024, Union Jack was debt free and had £3.1 million in cash.