Union Jack Oil PLC (AIM:UJO) told investors that the Andrews-1-17 Well is being prepared for the start of drilling next week, with a projected spud date around 20 March.
The well, located in West Bowlegs, Oklahoma, will be the first well in Union Jack’s new expansion and investment in the United States. The AIM-quoted firm holds a 45% working interest in the project.
It is expected to be drilled down to a depth of 5,200 feet within a ten-day period, and a swift completion process is expected to follow.
"I am delighted to be able to announce the imminent spudding of our first drilling venture with Reach, in Seminole County, Oklahoma” executive chair David Bramhill said in a statement.
"The Andrews-1-17 well has a high chance of success and if proven commercial could be in production within literally weeks from spudding.
“Similar low-cost development wells nearby, typically produce initially at approximately 150 barrels of oil and over 200 thousand cubic feet of gas per day and can provide rapid pay-back within six months.”
Bramhill added: "The rate of progress from generating a drillable prospect, obtaining permission to drill and putting a rig onsite in Oklahoma is remarkable.
"I look forward to updating shareholders on drilling progress at the Andrews-1-17 well over the course of the next few weeks."