Business
Spudding of Andrews 2-17 Well
Spudding of Andrews 2-17 Well.
About this update from Union Jack Oil Plc
[{"type":"text","content":"\n\n10 July 2024\n \nUnion Jack Oil plc\n(\"Union Jack\" or the \"Company\")\nSpudding of Andrews 2-17 Well - West Bowlegs Oklahoma, USA\n \nUnion Jack Oil plc (AIM: UJO, OTCQB: UJOGF), a UK and USA focused onshore hydrocarbon production, development and exploration company is pleased to report, further to the Company's announcement dated 11 June 2024, that it has been informed by the Operator, Reach Oil & Gas Company Inc (\"Reach\") that the Andrews 2-17 well, located in Seminole County, Oklahoma, USA, has been spudded.\nUnion Jack hold a 45% working interest in the Andrews 2-17 well.\n· Andrews 2-17 well has an Operator estimated geological chance of success of circa 80%\n· Approximate eight-day drilling period to a depth of circa 4,700 feet\n· Completion time is swift; approximately eight days including perforating and flow-back if successful\n· This up-dip (located up the slope) offset well to Andrews 1-17 is expected to encounter a similar reservoir above the oil/water contact seen in that commercial discovery well\n· On success, the 2-17 well will share common production facilities with the Andrews 1-17, thereby lowering costs and optimising project economics\n· Union Jack paying pro-rata 45% share of well costs - no promote or back charges\n· Drilling and completion costs of circa US$340,000 net, already paid from the Company's existing cash resources\n \nThe 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. \nPrimary oil recovery is expected to be by solution gas drive with any gas recovered to surface being sold into the local network. \nReach 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 data acquisition equipment, supplied by a UK based company Stryde Limited. \nFollow the Company on X (formerly Twitter): @UnionJackOilplc\n \nDavid Bramhill, Executive Chairman, commented: \"I ...