Union Jack Oil confirms Crossroads rig still undergoing repair

(Sharecast News) - Union Jack Oil said on Friday that the rig for the Crossroads well in southern Oklahoma was still undergoing maintenance and repair, delaying confirmation of the well's spud date. The AIM-traded onshore hydrocarbon company said operator Reach Oil and Gas Company had informed it that a spud date would be provided in early May.

Its update followed Union Jack's previous announcement on 16 April regarding the Crossroads well.

Union Jack currently holds a 43% interest in the project.

The company said its share of drilling costs had already been funded from existing cash resources.

At 1300 BST, shares in Union Jack Oil were up 1.27% at 4p.

Reporting by Josh White for Sharecast.com.

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