Union Jack Oil plc’s joint venture has spud the Sark well, targeting an estimated 1,440,000 barrels of oil gross and a further potential 1.5 million barrels, in central Oklahoma, USA.
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The company will use the proceeds from the July £2 million fundraise for the programme.
The overall US$3m drilling programme comprises Sark and Wolverine-1 wells in central Oklahoma and the Crossroads wells in the south of the state.
Executive chairman David Bramhill said: “Following on the heels of the successful producing Moccasin well, the high-impact Sark well is of major importance to Union Jack, both financially and operationally.”
Partner and operator Reach Oil and Gas Inc. holds a 40% interest while Union Jack owns 60% in the farm-in project.