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(Sharecast News) - Union Jack Oil said on Friday that the Crossroads well in Garvin County, Oklahoma had been drilled on budget to a target depth of 4,600 feet, with several zones of interest identified from electric logs.
The AIM-traded company, which holds a 43% interest in the well, said production casing would now be run and cemented ahead of evaluation and testing, which operator Reach Oil and Gas Company had indicated would begin in mid-June.
Union Jack said the well encountered good hydrocarbon shows at several levels from the Hoxbar down to the Basal McLish intervals.
Based on a petrophysical evaluation of the downhole logs, four intervals with production potential would be tested - the Middle McLish, Basal McLish, Cisco and Hoxbar sandstones.
"We look forward to the evaluation and test results from Crossroads which has excellent upside potential," said executive chairman David Bramhill.
"Nearby wells that are down-dip from the Crossroads location have produced hydrocarbons.
"We look forward to reporting on evaluation and test results from Crossroads in due course."
At 1227 BST, shares in Union Jack Oil were down 0.38% at 4.88p.
Reporting by Josh White for Sharecast.com.
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