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