7 May 2024
Union Jack Oil plc
("Union Jack" or the
"Company")
Positive Andrews 1-17 Well
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, further
to the RNS published on 8 April 2024, a positive update in respect
of the Andrews 1-17 well, drilled to test the West Bowlegs
Prospect, located in Seminole County, Oklahoma, United
States.
Union Jack holds a 45% working interest in this
well, including an associated area on the licence.
HIGHLIGHTS
· The
Andrews 1-17 well has been declared a commercial
discovery
·
Ongoing "test" production and well clean-up
continues
· High
quality oil being produced with an API gravity of approximately 41
degrees
·
First oil sales have already been made
· The
installation of permanent production facilities has
commenced
· Site
facilities are also being installed to allow gas production to be
monetised
· A
follow-up Andrews-2 well location is currently in the planning
phase, in readiness for early drilling as a result of initial
Andrews 1-17 success
The primary target for the Andrews 1-17 well,
the Hunton Limestone ("Hunton"), one of the main hydrocarbon
reservoirs in Oklahoma, was penetrated at approximately 4,200 feet,
showing high porosity, elevated gas readings, with good reservoir
quality being interpreted on the wireline logs. The total depth of
the Andrews 1-17 well was 4,600 feet.
The Hunton is unconformably overlain by the
main oil-prone source rock, the Woodford Shale and is in an
excellent position for the migration of oil.
Testing of the Andrews 1-17 well is ongoing and
further announcements will be made in the coming weeks after the
well has cleaned-up and oil and gas production rates are optimised,
following the installation of permanent production
facilities.
Union Jack has now earned its 45% working
interest across the associated licence area and going forward will
only pay its working interest share of any future drilling and
development costs.
David
Bramhill, Executive Chairman of Union Jack,
commented: "I am delighted that the first well
of our drilling campaign with Reach Oil & Gas Company Inc is a
commercial success.
"Stabilised oil and gas production rates will
be published in due course, following the installation of permanent
production facilities and the monitoring of the Andrews 1-17 well
over a period of weeks.
"In an incredibly short space of time, the
Andrews 1-17 well is contributing to our revenue stream and we
await with high expectations on the result of our follow-up well,
currently in the planning phase, targeting the same Hunton
formation, a prolific hydrocarbon producer in Oklahoma."
For further
information, please contact:
Union Jack Oil
plc
info@unionjackoil.com
David Bramhill
SP Angel
Corporate Finance LLP
+44 (0)20 3470
0470
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Shore
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