Union Jack Oil plc (LSE:UJO) has entered into a farm-in agreement with Reach Oil and Gas Inc to acquire a 60% working interest in the Sark well located in Oklahoma, USA. Scheduled for drilling in early Q3 2025, the project targets an estimated 1.44 million barrels of recoverable oil resources.
This move aligns with Union Jack’s strategic goal to grow its footprint in the U.S. onshore oil sector following recent achievements. The addition of the Sark well is expected to bolster the company’s asset base and enhance its position within the North American energy market.
About Union Jack Oil plc
Union Jack Oil is a UK and U.S.-focused oil and gas company engaged in hydrocarbon production, exploration, development, and investment. The firm aims to expand its portfolio and operations in the U.S. to complement its established UK activities, driving growth and diversified revenue streams.
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