Union Jack Oil PLC (AIM:UJO, OTCQB:UJOGF) told investors that drilling is complete for the Andrews 2-17 well, in Oklahoma, confirming its main target.
The well was drilled to a total depth of 4,850 feet, and, the Hunton Limestone, was successfully reached at 4,180 feet.
It had elevated gas readings, good oil and gas shows, stain, and fluorescence which confirm the presence of hydrocarbons as interpreted from wireline logs.
Completion and production testing of the Andrews 2-17 well is scheduled to commence within the next 14 days.
"As we learn more about the technical and production attributes of the Andrews 2-17 well over the coming weeks, I am certain that our United States drilling activities will be accelerated and another positive phase of growth will be added to the company's already successful ventures on both sides of the Atlantic,” Union Jack chair David Bramhill said in a statement.
"Work continues on the gas export pipeline at the site of the commercial Andrews 1-17 well (Union Jack 45%) and as previously reported we expect to update the market on progress on this well in early August 2024."
Union Jack noted that its drilling and completion costs have already been paid for from the company's cash resources.