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