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(Alliance News) - Union Jack Oil PLC said on Monday that "positive" progress has been made at one of its key North American projects.
The UK and US-focused oil and gas company holds a 45% interest in the West Bowlegs prospect in Oklahoma.
The company confirmed the potential of the Andrews 1-17 well following a 4,600 feet drill programme that revealed elevated gas readings and high porosity at the site.
Testing conducted by the site's operator, Reach Oil & Gas Inc, is scheduled to commence within the next fourteen days and the project remains incident free and below budget.
Union Jack Executive Chairman David Bramhill said: "As we learn more about the technical and production attributes of the well over the coming weeks, I am certain that our US drilling activities will be accelerated and another positive phase of growth will be added to the company's already successful ventures, both sides of the Atlantic."
Union Jack shares were up 11% to 21.16 pence each in London on Monday morning.
By Elijah Dale, Alliance News reporter
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