Andrews 1-17 Drilling Update

Union Jack Oil PLC

08 April 2024

 

8 April 2024

This 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.

Union Jack Oil plc

("Union Jack" or the "Company")

Andrews 1-17 Drilling Update

Union Jack Oil plc (AIM: UJO, OTCQB: UJOGF), a UK and USA focused onshore hydrocarbon, production, development, exploration and investment company is pleased to announce a positive drilling update in respect of the Andrews 1-17 well, to test the West Bowlegs Prospect, located in Seminole County, Oklahoma, United States in which Union Jack holds a 45% working interest.

Further to the spud announcement of 28 March 2024, the Andrews 1-17 well was drilled to a total depth of 4,600 feet.

The main objective for this well, the Hunton Limestone, is confirmed to be present and was penetrated at approximately 4,200 feet, showing high porosity and elevated gas readings, with good reservoir quality being interpreted on the wireline logs.

The Dan D2 drilling rig has now been demobilised and completion and production testing of the Andrews 1-17 well is scheduled to commence within the next 14 days.

The Hunton Limestone is one of the main hydrocarbon reservoirs in Oklahoma and is unconformably overlain by the main oil-prone source rock, the prolific, Woodford Shale.

Drilling and completion costs have already been paid for from the Company's cash resources.

Further announcements will be made when more information becomes available.

David Bramhill, Executive Chairman of Union Jack, commented: "Our first well in the United States looks to be a major success subject to testing, and an excellent start for the Company in its recent drilling partnership with Operator, Reach Oil & Gas Inc ("Reach").

"Reach and its drilling and ground team conducted activities with precision, below budget and of key importance, safely and incident free.

"With our appetite whetted and as we learn more about the technical and production attributes of the well over the coming weeks, I am certain that our United States drilling activities will be accelerated and another positive phase of growth will be added to the Company's already successful ventures, both sides of the Atlantic."

For further information, please contact:

Union Jack Oil plc                                                                                          [e-mail]

David Bramhill

 SP Angel Corporate Finance LLP                                                             [phone]

Nominated Adviser and Joint Broker

Matthew Johnson

Richard Hail

Caroline Rowe

Kasia Brzozowska

Shore Capital                                                                                                   [phone]

Joint Broker

Toby Gibbs

Iain Sexton

Gneiss Energy Limited                                                                         + 44 (0)20 3983 9263

Financial Adviser

Jon Fitzpatrick

Paul Weidman

BlytheRay                                                                                                         [phone]

Financial PR

Tim Blythe

Megan Ray

Harbour Access                                                                                      [phone]

USA Investor Relations

Jonathan Paterson

Tommy Zima

 

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