Union Jack Oil shares rise on spudding of Crossroads well

(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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