|
Union Jack Oil PLC - oil and gas company focused on onshore US and UK assets - Confirms that, following completion and testing, the Andrews 2-17 well has been declared a commercial discovery. Since being placed on restricted and periodic test production during late May, the Andrews 1-17 well has produced 6,460 barrels of oil with a gravity of around 46 degrees API and 382,000 cubic feet of gas. Works to connect a gas pipeline to the Andrews 1-17 well have recently been completed and gas has been sold to the market. Drilling and completion costs have already been paid for from the company’s cash resources. Further, announces acquisition of 45% of the Taylor Well in Seminole County, Oklahoma from Reach Oil & Gas Inc. Costs for drilling and completion of the well are estimated to be approximately $516,000 net. Also agrees to acquire from Reach of a 45% working interest in the Moccasin well, also in Oklahoma. Cost for drilling and completion of the well are estimated to be $600,000 net. Costs will be paid from existing cash resources. Current stock price: 18.50 pence 12-month change: down 20% Copyright 2024 Alliance News Ltd. All Rights reserved.
|
