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UJO Union Jack Oil Plc

18.25
0.00 (0.00%)
19 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Union Jack Oil Plc LSE:UJO London Ordinary Share GB00BLH1S316 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 18.25 17.50 19.00 18.25 18.00 18.00 80,838 09:41:20
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Oil And Gas Field Expl Svcs 5.07M 859k 0.0081 22.53 19.45M

Union Jack Oil PLC Positive Andrews 1-17 Well Update

07/05/2024 7:00am

RNS Regulatory News


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

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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