REG - Union Jack Oil PLC - Positive Andrews 1-17 Well Update

Union Jack OilAnnouncement

07/05/2024 07:15

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RNS Number : 3353N  Union Jack Oil PLC  07 May 2024

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 (mailto:info@unionjackoil.com)

David Bramhill

 

SP Angel Corporate Finance LLP
                                 +44 (0)20 3470 0470

Nominated Adviser and Joint Broker

Matthew Johnson

Kasia Brzozowska

Richard Hail

 

Shore
Capital
+44 (0)20 7408 4090

Joint Broker

Toby Gibbs

Harry Davies-Bell

 

Gneiss Energy Limited
                                             +44
(0)20 9263 3983

Financial Adviser

Jon Fitzpatrick

Paul Weidman

 

Harbor Access
 
 +1 (475) 477 9402

USA Investor Relations

Jonathan Paterson

Tommy Zima

 

BlytheRay
+44 (0)20 7138 3204

Financial PR

Tim Blythe

Megan Ray

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