Union Jack Oil signs Farm-In Agreement for drilling project in Oklahoma

Union Jack Oil plc (LON:UJO), a predominantly UK focused onshore hydrocarbon production, development and exploration company, has announced, further to its announcement dated 29 January 2024, that the Company has signed a farm-in agreement with Reach Oil & Gas Company Inc, to acquire a 45% working interest in a well planned to be drilled during Q2 2024, to test the West Bowlegs Prospect and in an area of associated interest, located in Seminole County, Oklahoma, USA.

·    Andrews-1 well planned to be drilled in early Q2 2024, with a geological chance of success estimated by the Operator (Reach) to be 75%

·    Approximate ten-day drilling period to a depth of 5,200 feet

·    Completion time is swift; approximately eight days including perforating and flow-back if successful

·    Recently acquired proprietary 3D seismic covering the proven producing Hunton Limestone, one of the main hydrocarbon reservoirs in Oklahoma

·    Union Jack to pay 60% of costs of the Andrews-1 well to earn a 45% economic interest

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