Union Jack Oil plc has signed another farm-in agreement with its joint venture partner for a 60% working interest, paying 80%, in the Sark well in central Oklahoma, USA.
TARGETS
Reach Oil and Gas Inc plans to drill the well in the early part of the third quarter 2025 for estimated recoverable resources of 1,440,000 barrels of oil gross and a further potential 1.5 million barrels.
Union Jack noted that Sark was an untested Hunton and Wilcox structure with “two main and several secondary targets present”, and adjacent to a producing oilfield.
The well will be drilled to the Arbuckle formation in a “dip and fault closed large structure of 156 acres area and 40 feet relief”.
The JV is targeting the Hunton and second Wilcox formations with total depth estimated at 5,500 feet.
Costs are approximately US$1.1m net, including back costs of $236,800.
Union Jack said that there was a 65% chance of success of finding movable hydrocarbons in the “robust, multiple target structure”.
Executive chairman David Bramhill added that its existing Moccasin well along with Sark were “play types now designated a high chance of success”.
“In just over 15 months the company has drilled four consecutive discoveries and compiled a portfolio of what we believe to be dynamic projects, forming the foundations of a second valuable commercial business in the USA, complementing our sound and profit-making revenues from Wressle in the UK.
“The recent success at Moccasin has been a catalyst and Union Jack is now entering into a period of sustained activity in Oklahoma, where we have every reason to be confident following the board’s decision to expand operations into the USA.”