Union Jack Oil plc announce, further to its announcement dated 29 January 2024, that the Company has signed a farm-in agreement with Reach Oil & Gas Company Inc. (?Reach?), to acquire a 45% working interest in a well planned to be drilled during Second Quarter 2024, to test the West Bowlegs Prospect (?West Bowlegs?) and in an area of associated interest, located in Seminole County, Oklahoma, USA. Andrews-1 well planned to be drilled in early Second Quarter 2024, with a geological chance of success estimated by the Operator (Reach) to be 75%. Approximate ten-day drilling period to a depth of 5,200 feet.

Completion time is swift; approximately eight days including perforating and flow-back if successful. Recently acquired proprietary 3D seismic covering the proven producing Hunton Limestone, one of the main hydrocarbon reservoirs in Oklahoma. Union Jack to pay 60% of costs of the Andrews-1 well to earn a 45% economic interest.

Going forward, the cost of further planned wells will be based on the Company's 45% economic interest. Further drill ready prospects covered by 3D seismic identified within interest area earned by Union Jack · Strategic partnership with Reach offers the opportunity to access a wider inventory of prospects and further drill-ready targets in Oklahoma. Seismic acquisition and planning costs of USD 347,000 are payable by Union Jack.

Cost for drilling and completion of the Andrews-1 well is estimated to be approximately USD 516,000 net to Union Jack. Costs to be paid from existing cash resources The target for this well is the Hunton Limestone, one of the main hydrocarbon reservoirs in Oklahoma. The Hunton Limestone is unconformably overlain by the main oil-prone source rock, the Woodford Shale and is in an excellent position for the migration of oil.

Oil-filled porosity is encountered within a basal Oolite limestone formation in wells within a mile of the first drill location for the Andrews-1 well and this is believed to be the main reservoir within West Bowlegs. West Bowlegs is associated with a remnant of the Hunton Limestone and is expected to be at original pressure with the seal for the reservoir being the Woodford Shale and lateral seal against the underlying Sylvan Shale. Primary oil recovery is expected to be by solution gas drive with any gas recovered to surface being sold into the local network.