Three wells in 2024 to date and it certainly won’t be long before this company hits the radar with US investors. There’s no doubt that the partnership with Reach Oil and Gas is a ‘marriage made in heaven’ that will no doubt strengthen as the number of wells increase, something that will develop at a pace not even dreamt about in the UK.
The Taylor well operation was targeting the Hunton Limestone but two other potential secondary intervals were observed, the Cromwell Sand and Misener Sand. The Cromwell Sandstone is a prolific oil and gas producer in the Arkoma Basin, a peripheral foreland basin that extends from central west Arkansas to south eastern Oklahoma.
In 1923, the first well drilled into this formation, the Bruner, produced 312 bopd, but the following year, the Stidham well recorded an initial 4000 BARRELS OF OIL PER DAY-and in less than 12 months, over 62,000 barrels were produced from 75 wells. Since its discovery, over 120mmb have been recovered with estimates of a potential further 20-30mmb could be added to the ultimate recovery. The Misener production tends to range from 100-160 bopd on average but recovery of 60% of the oil in place is very possible. So, with these intervals being evaluated at a later date, the potential for the Taylor is not short of exciting for shareholders!
Union Jack have not been rewarded in the slightest for their decision to venture into the United States, investors were no doubt sceptical. However, the proof is in the pudding and this is certainly being served up now.
With Wressle seemingly unwavering in producing excellent revenues, which in turn are financing the present drilling program, this company is fast outpacing its peer companies and I believe 2025 will be the year that could take it to mid tier status.
