REG - UK Oil & Gas PLC - Pinarova-1 Testing Operations Commence

UK Oil & GasAnnouncement

23/01/2024 07:00

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RNS Number : 5334A  UK Oil & Gas PLC  23 January 2024

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Pinarova-1 Testing Operations Commence

 

UK Oil & Gas plc (London AIM: UKOG) is pleased to announce that following
the delivery of both PSI's perforating and Aladdin Middle East's ("AME") swab
testing equipment to site, Pinarova-1 testing operations have now recommenced.
PSI's larger 7-inch perforation guns will be deployed following normal site
rig up and necessary safety and environmental checks. UKOG's site
representative will monitor and quality control the full operational
programme. Further updates will be issued in due course.

 

The new larger 7-inch perforating guns, capable of fully penetrating
Pinarova's 9⅝-inch casing, will be deployed over the Germik/Hoya section
where strong oil odours at surface were recorded over a 12-hour period during
drilling and mobile light 42˚ API oil was recovered from the mud pit (see RNS
of 22(nd) September 2023). Geochemical analysis found the mud  pit oil to be
near identical to that found in the seismic shot hole oil seep, located around
1.5 km to the west.

 

UKOG holds a 50% non-operated interest in Pinarova-1 and the surrounding 305
km² Resan licence, which also includes the as yet undeveloped Basur-1 light
oil discovery.

 

Qualified Person's Statement

 

Matt Cartwright, UKOG's Commercial Director, who has 40 years of relevant
experience in the global petroleum industry, has approved the information
contained in this announcement. Mr Cartwright is a Chartered Engineer and
member of the Society of Petroleum Engineers.

 

For further information, please contact:

UK Oil & Gas plc

Stephen Sanderson / Allen D Howard
 
      Tel: 01483 941493

 

WH Ireland Ltd (Nominated Adviser and Broker)
 

James Joyce / James Bavister / Andrew de Andrade
                                         Tel: 020 7220
1666

 

Communications

Brian Alexander
 
                              Tel: 01483 941493

 

Glossary

 °API       a measure of the density of crude oil, as defined by the American Petroleum
            Institute
 discovery  a petroleum accumulation for which one or several exploratory wells have
            established through testing, sampling and/or logging the existence of a
            significant quantity of potentially moveable hydrocarbons
 oil seep   a natural flow of crude oil at or close to the earth's surface whose origin is
            from a petroleum accumulation or oil source rock at depth.
 shot hole  a shallow borehole in which a small amount of explosive is detonated in order
            to generate a seismic signal

 

 

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