REG - Union Jack Oil PLC - Taylor 1-16 Drilling Update

Union Jack OilAnnouncement

26/11/2024 07:00

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RNS Number : 5878N  Union Jack Oil PLC  26 November 2024

26 November 2024

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

Union Jack Oil plc

("Union Jack" or the "Company")

Taylor 1-16 Drilling Update, Seminole County, Oklahoma, USA

 

Union Jack Oil plc (AIM: UJO, OTCQB: UJOGF), a UK and USA focused onshore
hydrocarbon, production, development, exploration and investment company, is
pleased to announce a positive drilling update in respect of the Taylor 1-16
well ("Taylor"), located in Seminole County, Oklahoma, USA, in which Union
Jack holds a 45% working interest.

The Taylor well was drilled to a Total Depth of 4,577 feet and electric logs
were acquired.

The main objective for this well, the Hunton Limestone ("Hunton") interval,
was encountered at 4,168 feet and is confirmed to be hydrocarbon-bearing and
appears highly porous and permeable.

Production casing has been run and cemented and the rig released.

The technical team at Reach Oil and Gas Company Inc., the Operator, is
currently planning the completion programme which is expected to commence in
early December 2024.

Two other potential secondary intervals were observed, the Cromwell Sand and
Misener Sand.  These intervals will be evaluated at a later date.

 

David Bramhill, Executive Chairman of Union Jack, commented: "Following the
drilling of Taylor we are very encouraged by both the reservoir quality and
hydrocarbon indications we have encountered in the Hunton interval, the main
objective.

"In addition, the discovery of further intervals in the Cromwell and Misener
Sands offer additional future potential.  Both zones also produce well in the
immediate area.

"In the UK, the Company is pleased to report cumulative revenues of over
US$22,000,000 from Wressle, net to its 40% interest, where the view of the
management is that the most productive phase of development lies ahead.

"Also in the UK, ongoing site improvements to the Keddington production asset,
in which Union Jack holds a 55% interest, are progressing well and production
is expected to commence in the near future.

"We look forward to informing shareholders and the broader market on progress
at Taylor following its completion."

 

For further information, please contact:

 Union Jack Oil plc                    info@unionjackoil.com (mailto:info@unionjackoil.com)
 David Bramhill

 SP Angel Corporate Finance LLP        +44 (0)20 3470 0470
 Nominated Adviser and Joint Broker
 Matthew Johnson
 Richard Hail
 Caroline Rowe

 Shore Capital                         +44 (0)20 7408 4090
 Joint Broker
 Toby Gibbs
 Harry Davies-Ball

 Gneiss Energy Limited                 +44 (0)20 3983 9263
 Financial Adviser
 Jon Fitzpatrick
 Paul Weidman

 Harbour Access                        +1 (475) 477 9402
 USA Investor Relations
 Jonathan Paterson

 

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