Looking forward to the spudding of the Andrews-1 well which I believe will be within the next 4 weeks or sooner. With groundworks completed a week ago, it is no issue in Oklahoma to get an operator/contractor or the equipment to site and commence operations.
Drilling to the target depth of 5200 feet is estimated to take just 10 days with an incredibly quick completion time of approximately eight days including perforating and flow-back if successful.
So, we could certainly be in production in April and a good case scenario of at least 70-90 bopd to Union Jack.
Pay back is estimated to be approximately 6 months although if we see a strong 200 bopd rate which isn’t out of the question, that 45% ownership will be seen far quicker.
My thoughts are, subject to success, it will be the plan to drill additional wells in the same area. Why not? This is an exciting time for Union Jack and its shareholders and hopefully when we see commencement of operations the share price will also enjoy a much needed improvement
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