8 April 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")
Andrews 1-17 Drilling
Update
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 Andrews 1-17 well, to
test the West Bowlegs Prospect, located in Seminole County,
Oklahoma, United States in which Union Jack holds a 45% working
interest.
Further to the spud announcement of 28 March
2024, the Andrews 1-17 well was drilled to a total depth of 4,600
feet.
The main objective for this well, the Hunton
Limestone, is confirmed to be present and was penetrated at
approximately 4,200 feet, showing high porosity and elevated gas
readings, with good reservoir quality being interpreted on the
wireline logs.
The Dan D2 drilling rig has now been
demobilised and completion and production testing of the Andrews
1-17 well is scheduled to commence within the next 14
days.
The Hunton Limestone is one of the main
hydrocarbon reservoirs in Oklahoma and is unconformably overlain by
the main oil-prone source rock, the prolific, Woodford
Shale.
Drilling and completion costs have already been
paid for from the Company's cash resources.
Further announcements will be made when more
information becomes available.
David
Bramhill, Executive Chairman of Union Jack,
commented: "Our first well in the United States
looks to be a major success subject to testing, and an excellent
start for the Company in its recent drilling partnership with
Operator, Reach Oil & Gas Inc ("Reach").
"Reach and its drilling and ground team
conducted activities with precision, below budget and of key
importance, safely and incident free.
"With our appetite whetted and as we learn more
about the technical and production attributes of the well over the
coming weeks, I am certain that our United States drilling
activities will be accelerated and another positive phase of growth
will be added to the Company's already successful ventures, both
sides of the Atlantic."
For further
information, please contact:
Union Jack Oil
plc
info@unionjackoil.com
David Bramhill
SP Angel
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