Oilman Jim13 Jul 2025 16:09
Union Jack Oil (UJO.L UJOGF 1UJO.F) announced that the company has signed a farm-in agreement with Reach Oil and Gas Inc to acquire a 60% working interest (paying 80%) in the Sark well, planned to be drilled early Q3 2025, located in Central Oklahoma, USA. The 3D supported Sark well will drill a dip and fault closed large structure of 156 acres area and 40 feet relief. Estimated recoverable resources are 1.44 million barrels of oil gross. The cost to drill, complete and develop is $1.1 million net, including back costs of $236,800 and an estimated success case NPV is approximately $10.9 million net, based on a $65/barrel oil price. The Hunton and 2nd Wilcox formations are the objective targets with total depth estimated at 5,500 feet. Secondary targets productive in the immediate area include the Prue Sands, Red Fork and Base Pennsylvanian Sands. Chance of success of finding movable hydrocarbons in this multiple target structure is estimated at 65%…more