Business
USA Projects and Corporate Update
USA Projects and Corporate Update.
About this update from Union Jack Oil Plc
[{"type":"text","content":"\n\nThis 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.\n \n19 August 2024\nUnion Jack Oil plc\n(\"Union Jack\" or the \"Company\")\nUSA Projects and Corporate Update\nAndrews 2-17 Discovery\nFarm-In to Taylor and Moccasin Q4 2024 Drill Programme\n \nUnion Jack Oil plc (AIM: UJO and OTCQB: UJOGF), a UK and USA focused onshore hydrocarbon production, development, exploration and investment company is pleased to announce a positive update in respect of the Company`s strategic expansion into the USA and its rapidly growing oil and gas production and revenue generating activities.\nThe Company is also pleased to confirm that, following completion and testing, the Andrews 2-17 well has been declared a commercial discovery.\nThis update provides information on:\n· Production and development from the Andrews field, comprising the Andrews 1-17 and recently drilled and completed Andrews 2-17 wells\n· The acquisition of a 45% interest in the Taylor and Moccasin wells to be drilled in the Q4 2024 drilling campaign\n· General progress regarding Union Jack`s other USA activities\n \nAndrews 1-17 (Union Jack 45%)\n· Andrews 1-17 well has been declared a commercial discovery\n· Since being placed on restricted and periodic test production during late May 2024, the Andrews 1-17 well has produced 6,460 barrels of high-quality, ultra-light oil with a gravity of approximately 46 degrees API and 382,000 cubic feet of gas\n· Andrews 1-17 well is still under test production using a pump jack whilst the optimum flow rate is being determined\n· Works to connect a gas pipeline to the Andrews 1-17 well have recently been completed and gas has been sold to the market\n· Water produced from the Andrews 1-17 well will be transported via a recently laid pipeline to the Coker injector well to rebuild reservoir pressure in the Rogers and S&M production wells (Rogers Secondary Recovery project - Union Jack 45%), providing considerable savings on OPE...