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
David Bramhill
SP Angel
Corporate Finance
LLP
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