REG - Union Jack Oil PLC - Drilling Update - Andrews-1-17 Well Spudded

Union Jack OilAnnouncement

28/03/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240328:nRSb5778Ia&default-theme=true

RNS Number : 5778I  Union Jack Oil PLC  28 March 2024

 

28 March 2024

 

Union Jack Oil plc

("Union Jack" or the "Company")

Drilling Update-Andrews-1-17 Well Spudded

 

Union Jack Oil plc (AIM: UJO), a UK and USA focused onshore hydrocarbon
production, development and exploration company is pleased to announce,
further to its announcement dated 11 March 2024, that the Company has been
informed by the Operator, Reach Oil & Gas Company Inc ("Reach"), that the
drilling rig is on location and that the Andrews-1-17 well has now spudded.

 

The Andrews-1-17 well will test the West Bowlegs Prospect, located in Seminole
County, Oklahoma, USA in which Union Jack hold a 45% working interest:

 

·    Andrews-1-17 well has a geological chance of success estimated by the
Operator to be 75%

·    Approximate ten-day drilling period to a depth of 5,200 feet

·    Completion time is swift, estimated at approximately a further eight
days including perforating and flow-back, if successful

 

A further update will be given following the Andrews-1-17 well reaching its
intended total depth of 5,200 feet, prior to the commencement of wireline
logging operations, completion, perforation and testing, if successful.

 

Follow the Company on X (formerly Twitter): @UnionJackOilplc

 

Background to Andrews-1-17 Well and the West Bowlegs Prospect

 

The target for this well is the Hunton Limestone, one of the main hydrocarbon
reservoirs in Oklahoma.  The Hunton Limestone is unconformably overlain by
the main oil-prone source rock, the Woodford Shale and is in an excellent
position for the migration of oil.

Primary oil recovery is expected to be by solution gas drive with any gas
recovered to surface being sold into the local network.

Reach is an accredited operator in the USA, owning and operating oil and gas
production facilities in Seminole and Pottawatomie Counties in Oklahoma. All
prospects are generated by Reach which owns modern seismic equipment, supplied
by a UK based company Stryde Limited.

 

For further information, please contact the following:

 

Union Jack Oil
plc
info@unionjackoil.com

David Bramhill

 

SP Angel Corporate Finance LLP
                                              +44
(0)20 3470 0470

Nominated Adviser and Joint Broker

Matthew Johnson

Kasia Brzozowska

Caroline Rowe

Richard Hail

 

Shore
Capital
 +44 (0)20 7408 4090

Joint Broker

Toby Gibbs

Iain Sexton

 

Gneiss Energy
Limited
+44 (0)20 3983 9263

Financial Adviser

Jon Fitzpatrick

Paul Weidman

 

BlytheRay
+44 (0)20 7138 3204

Financial PR

Tim Blythe

Megan
Ray

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLUBVNRSOUOUAR