REG - Union Jack Oil PLC - Andrews 2-17 Drilling Update - Oklahoma USA

Union Jack OilAnnouncement

18/07/2024 07:00

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RNS Number : 8450W  Union Jack Oil PLC  18 July 2024

18 July 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 2-17 Drilling Update - 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 Andrews 2-17
well, located in Seminole County, Oklahoma, United States in which Union Jack
holds a 45% working interest.

Further to the spud announcement of 10 July 2024, the Andrews 2-17 well was
drilled to a Total Depth of 4,850 feet.

The main objective for this well, the Hunton Limestone, is confirmed to be
present and was penetrated at approximately 4,180 feet (Measured Depth),
showing elevated gas readings, good oil and gas shows, stain and fluorescence
from top to bottom of the interval and is hydrocarbon bearing as interpreted
from the wireline logs.

Completion and production testing of the Andrews 2-17 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:

"As we learn more about the technical and production attributes of the Andrews
2-17 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 on both sides of the
Atlantic.

"Work continues on the gas export pipeline at the site of the commercial
Andrews 1-17 well (Union Jack 45%) and as previously reported we expect to
update the market on progress on this well in early August 2024."

 

 

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

Kasia Brzozowska

 

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

 

BlytheRay
+44 (0)20 7138 3204

Financial PR

Tim Blythe

Megan Ray

 

Harbour
Access
  +1 (475) 477 9402

USA Investor Relations

Jonathan Paterson

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