REG - UK Oil & Gas PLC - Turkey: B-3S Casing Mobilisation

UK Oil & GasAnnouncement

07/02/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220207:nRSG8108Aa&default-theme=true

RNS Number : 8108A  UK Oil & Gas PLC  07 February 2022

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Turkey: B-3S Casing Mobilisation

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that it is
preparing to transport its wholly owned casing stocks to Turkey for use in the
forthcoming Basur-3 ("B-3") mechanical sidetrack ("B-3S"). Use of UKOG's
casing in B-3S will reduce the Company's net drilling cost and capital
expenditure requirements, as well as removing further storage costs.

Drilling of B-3S is scheduled to commence upon receipt and interpretation of
fast-track seismic processing results, currently expected within the first
quarter of 2022. First processing priority has been given to Line 3, running
directly along the planned B-3S trajectory.

 

Stephen Sanderson, UKOG's Chief Executive commented:

"Our strategy at Basur-Resan centres around the cost effective and timely
establishment of an inaugural producing well within the licence. Consequently,
to ensure drilling commences as soon as possible, we continue to advance
drilling preparations concurrently with Phase 1 fast track seismic processing.
 Drilling can then commence directly after the processed data has been
received and interpreted."

 

 

For further information, please contact:

        UK Oil & Gas PLC
        Stephen Sanderson / Matt Gormley / Allen D Howard        Tel: 01483 941493

        WH Ireland Ltd (Nominated Adviser and Broker)
        James Joyce / Andrew de Andrade                          Tel: 020 7220 1666

        Communications
        Brian Alexander                                          Tel: 01483 941493

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCUPUGGPUPPGRQ