Union Jack Oil (GB:UJO) has released an update.
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Union Jack Oil has expanded its US portfolio by acquiring a 45% working interest in the Rogers Enhanced Oil Recovery Project in Oklahoma, expecting to recover an additional 124,000 barrels of oil with a projected $7.5 million in gross revenues. The company will fund the acquisition and capital expenditures from its existing cash resources, anticipating an attractive IRR of nearly 80% and a payback period of around 18 months. Executive Chairman David Bramhill expressed confidence in the strategic benefits and potential for increased production and revenue synergies with existing operations.
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