Union Jack Oil (LSE: UJO), a UK and US-focused oil and gas firm, has expressed optimism about its West Bowlegs prospect in Oklahoma. The company holds a 45% stake in the project, where the Andrews 1-17 well’s 4,600-feet drilling programme unveiled promising signs of elevated gas readings and high porosity.
The operator, Reach Oil & Gas Inc, is slated to commence testing within the next two weeks, with the project running incident-free and below budget. David Bramhill, Union Jack’s Executive Chairman, expressed confidence that the technical and production attributes of the well would accelerate the company’s US drilling activities, ushering in another positive phase of growth and complementing its successful ventures on both sides of the Atlantic.
Union Jack’s shares saw a 13% surge on Monday morning, though the stock remains flat year-to-date and down 16% over the past 12 months.
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