Union Jack Oil PLC (AIM:UJO, OTCQB:UJOGF) said the Andrews 1-17 well in Seminole County, its first well in Oklahoma, has been declared a commercial success.
The Andrews 1-17 well tapped the Hunton Limestone, one of the main hydrocarbon reservoirs in Oklahoma. It was drilled down to 4,600 feet, and encountered the Hunton at 4,200 feet – the well encountered good quality, high porosity reservoir and also saw elevated gas readings
Oil is already being sold, while production testing and clean-up of the well are continuing ahead of preparations for permanent production facilities and plans to monetize gas production.
A follow-up well, Andrews-2, is currently being planned thanks to the initial success of the 1-17 well.
The company holds a 45% working interest in the well and the surrounding licensed area.
"Stabilised oil and gas production rates will be published in due course, following the installation of permanent production facilities and the monitoring of the Andrews 1-17 well over a period of weeks,” executive chair David Bramhill said in a statement.
"In an incredibly short space of time, the Andrews 1-17 well is contributing to our revenue stream and we await with high expectations on the result of our follow-up well, currently in the planning phase, targeting the same Hunton formation, a prolific hydrocarbon producer in Oklahoma."