REG - Union Jack Oil PLC - Spudding of Andrews-1-17 Well West Bowlegs

Union Jack OilAnnouncement

11/03/2024 07:00

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RNS Number : 2441G  Union Jack Oil PLC  11 March 2024

11 March 2024

 

Union Jack Oil plc

("Union Jack" or the "Company")

Spudding of Andrews-1-17 Well West Bowlegs Oklahoma, USA

 

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 6 February 2024, that the Company has been
informed by the Operator, Reach Oil & Gas Company Inc ("Reach"), that a
drilling contract has been signed with a local contractor, groundworks have
been completed and a spud date on or around 20 March 2024 is anticipated in
respect of the drilling of the Andrews-1-17 well to test the West Bowlegs
Prospect, located in Seminole County, Oklahoma, USA.

 

Union Jack holds a 45% working interest in the Andrews-1-17 well.

 

·    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; approximately eight days including
perforating and flow-back if successful

 

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.  Oil-filled porosity is encountered within
a basal Oolite limestone formation in wells within a mile of the first drill
location for the Andrews-1-17 well and this is believed to be the main
reservoir within West Bowlegs.

West Bowlegs is associated with a remnant of the Hunton Limestone and is
expected to be at original pressure with the seal for the reservoir being the
Woodford Shale and lateral seal against the underlying Sylvan Shale.

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.

 

David Bramhill, Executive Chairman, commented: "I am delighted to be able to
announce the imminent spudding of our first drilling venture with Reach, in
Seminole County, Oklahoma, USA.

"The Andrews-1-17 well has a high chance of success and if proven commercial
could be in production within literally weeks from spudding.  Similar
low-cost development wells nearby, typically produce initially at
approximately 150 barrels of oil and over 200 thousand cubic feet of gas per
day and can provide rapid pay-back within six months.

"The rate of progress from generating a drillable prospect, obtaining
permission to drill and putting a rig onsite in Oklahoma is remarkable.

"I look forward to updating shareholders on drilling progress at the
Andrews-1-17 well over the course of the next few weeks."

 

For further information, please contact the following:

 

Union Jack Oil
plc
info@unionjackoil.com

David Bramhill

 

Reach Oil & Gas Company Inc

Miles
Newman
miles@reachoil-gas.com

Jim McKenny
 
 jmckenny@reachoil-gas.com

 

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

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