Union Jack Oil (GB:UJO) has released an update.
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Union Jack Oil has announced the commencement of drilling at the Andrews 2-17 well in Seminole County, Oklahoma, with a promising 80% geological chance of success. The well, in which Union Jack holds a 45% interest, is expected to be drilled and completed within a swift eight days at an anticipated cost of $340,000, funded from existing cash resources. On successful completion, the well is set to bolster Union Jack’s portfolio with rapid production timelines and favorable project economics by sharing facilities with an adjacent productive well.
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