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