Union Jack Oil (AIM:UJO) (AIM: UJO) told investors its 43% shares of the Crossroads drilling programme has already been funded, after operator Reach Oil and Gas told the AIM-quoted company the well is due to be spudded on or around 16 April.
Reach, the operator, has mapped Crossroads as "a large four-way dip closed structure" on 3D seismic and says the target sits in the prolific Oil Creek Sand.
"Crossroads will penetrate a large, 100 acre structure in the prolific Oil Creek Sand" the AIM-quoted small-cap company said on Wednesday.
Reach has estimated recoverable resources across multiple target zones at 1,670,000 barrels of oil gross, according to the update. Meanwhile, Union Jack did not provide further production or finance guidance in the release.
The immediate milestone is the spud scheduled for on or around 16 April.
