Union Jack says Crossroads well will be plugged and abandoned

(Sharecast News) - Union Jack Oil said on Friday that the Crossroads well in Garvin County, Oklahoma had been deemed non-commercial following testing and would be plugged and abandoned. The AIM-traded onshore oil and gas company, which holds a 43% interest in the well, said Crossroads had encountered good hydrocarbon shows across several levels from the Hoxbar down to the Basal McLish intervals.

Four intervals with production potential were perforated and tested before the decision was made to abandon the well.

At 0957 BST, shares in Union Jack Oil were down 8.54% at 3.75p.

Reporting by Josh White for Sharecast.com.

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