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(Sharecast News) - Union Jack Oil said on Wednesday that drilling had started at the Crossroads well in southern Oklahoma.
The AIM-traded onshore hydrocarbon company said operator Reach Oil and Gas Company had informed it that the well was spudded on 5 May.
It said the drilling period was expected to be about 10 days, with results to be announced in due course.
Union Jack holds a 43% interest in the project.
The company said its share of drilling costs had been funded from existing cash resources.
At 1603 BST, shares in Union Jack Oil were up 17.72% at 4.65p.
Reporting by Josh White for Sharecast.com.
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