Union Jack Oil PLC (AIM:UJO, OTCQB:UJOGF, FRA:1UJ0) has announced that the Crossroads well in southern Oklahoma is set to be spudded on or around 16 April, giving investors a near-term drilling catalyst on a project where the company already has its funding in place.
The AIM-listed group holds a 43% interest in Crossroads, with Reach Oil and Gas acting as operator, and, Union Jack said its share of drilling costs has already been funded, de-risking the immediate cash call ahead of operations.
Crossroads is targeting a large 100-acre structure in the prolific Oil Creek Sand. According to the operator’s estimate, the project carries gross recoverable resource potential of 1.67 million barrels of oil across multiple target zones.
The company described the opportunity as a large four-way dip closed structure mapped on 3D seismic.