The Andrews-1-17 well in Oklahoma, Union Jack’s first major US development asset is due to complete the testing phase any day now. Other wells in this area are flowing at rates in the region of 150 barrels of oil per day (bopd) and this operation is one that Reach Oil have the experience and knowledge to offer the best chance of success. The pre-drill estimate was put at 75% which is an extremely confident statement to make and in David Bramhill’s words after the drilling was completed, ‘is a major success’.
Whilst this doesn’t confirm flow rates or that it is even flowing, Mr. Bramhill is exuding confidence which leads me to believe the drilling was completed short of the target due to hitting an oil column that would bear fruit. They would certainly have extracted samples at this stage.
The latest picture from the Andrews site shows all of the drilling gear has left the field and the area tidied up ready to commence flowing the oil. This certainly doesn’t look anything but an imminent production site and an update probably being prepared to confirm.
We also need to take into account possible gas sales, if successful, Union Jack’s revenue from both of these based on the estimated 150 bopd would be somewhere in the region of $2,000,000 per annum. That’s the well paid for and $1,500,000 revenues afterwards. What an incredible outcome if it comes to fruition. You could imagine a few wells on the same field doing the same.
I look forward to the next Andrews-1-17 update with fervour!
