Union Jack Oil Plc (LON:UJO), has recently declared the Andrews 1-17 well in Oklahoma officially onstream, marking a significant milestone in its operational capabilities. This new development not only underscores Union Jack’s strategic expansion in the U.S. market but also highlights its adept management of resources which facilitated the transition from discovery to production without external financing.
Operational Highlights and Future Outlook
The Andrews 1-17 well, in which Union Jack holds a 45% stake, showcased encouraging initial results and has now commenced production. This well’s early success is pivotal as it represents the company’s first production foray in the West Bowlegs area in Oklahoma, an initiative that has smoothly transitioned thanks to existing resources and strategic planning.
Union Jack anticipates stable production rates soon, expecting typical wells in the area to yield about 150 barrels of oil per day and 0.2 million cubic feet of gas per day. This addition to their portfolio not only enhances Union Jack’s production capacity but also boosts its revenue streams, contributing significantly to its financial robustness.
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.
