Drilling Update - Andrews-1-17 Well Spudded

28 March 2024

Union Jack Oil plc

("Union Jack" or the "Company")

Drilling Update-Andrews-1-17 Well Spudded

Union Jack Oil plc (AIM: UJO), a UK and USA focused onshore hydrocarbon production, development and exploration company is pleased to announce, further to its announcement dated 11 March 2024, that the Company has been informed by the Operator, Reach Oil & Gas Company Inc ("Reach"), that the drilling rig is on location and that the Andrews-1-17 well has now spudded.

The Andrews-1-17 well will test the West Bowlegs Prospect, located in Seminole County, Oklahoma, USA in which Union Jack hold a 45% working interest:

·    Andrews-1-17 well has a geological chance of success estimated by the Operator to be 75%

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

·    Completion time is swift, estimated at approximately a further eight days including perforating and flow-back, if successful

A further update will be given following the Andrews-1-17 well reaching its intended total depth of 5,200 feet, prior to the commencement of wireline logging operations, completion, perforation and testing, if successful.

Follow the Company on X (formerly Twitter): @UnionJackOilplc

Background to Andrews-1-17 Well and the West Bowlegs Prospect

The target for this well is the Hunton Limestone, one of the main hydrocarbon reservoirs in Oklahoma.  The Hunton Limestone is unconformably overlain by the main oil-prone source rock, the Woodford Shale and is in an excellent position for the migration of oil. 

Primary oil recovery is expected to be by solution gas drive with any gas recovered to surface being sold into the local network.   

Reach is an accredited operator in the USA, owning and operating oil and gas production facilities in Seminole and Pottawatomie Counties in Oklahoma. All prospects are generated by Reach which owns modern seismic equipment, supplied by a UK based company Stryde Limited. 

For further information, please contact the following:

Union Jack Oil plc                                                                                              [email protected]

David Bramhill

SP Angel Corporate Finance LLP                                                              +44 (0)20 3470 0470

Nominated Adviser and Joint Broker

Matthew Johnson

Kasia Brzozowska

Caroline Rowe

Richard Hail

Shore Capital                                                                                                 +44 (0)20 7408 4090

Joint Broker

Toby Gibbs

Iain Sexton

Gneiss Energy Limited                                                                                +44 (0)20 3983 9263

Financial Adviser

Jon Fitzpatrick

Paul Weidman

BlytheRay                                                                                                      +44 (0)20 7138 3204

Financial PR  

Tim Blythe

Megan Ray