REG - UK Oil & Gas PLC - Turkey: Phase 1 seismic acquisition completed

UK Oil & GasAnnouncement

01/02/2022 07:00

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RNS Number : 2308A  UK Oil & Gas PLC  01 February 2022

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Turkey: Phase 1 seismic acquisition completed

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that its
planned 2D seismic acquisition over the target area and trajectory of the
proposed Basur-3 ("B-3") mechanical sidetrack ("B-3S") is now complete.
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.

As announced in December 2021, together with its 50% partner and operator,
Aladdin Middle East Ltd ("AME"), the Company has prioritised 55 kms of
fast-track acquisition and processing to better define and optimise the B-3S
drilling trajectory, plus a proposed Resan-6 drilling location. Data
processing of the first phase by BGP in Abu Dhabi is now underway.

Whilst the planned remainder of the survey, totalling up to a further six
lines, will be important for the purposes of better defining the subsurface
picture of the wider Basur-Resan geological structure and licence area, they
are not envisaged to have a bearing on B-3S or Resan-6 drilling plans or
operations. On this basis, this second phase of seismic acquisition has thus
been paused whilst focus and resources are directed firmly towards drilling
and the establishment of an inaugural producing well on the licence.

Detailed operational planning for B-3S is well advanced and a selection
process for prospective drilling rig contractors is underway. Sufficient funds
remain available to deliver the planned sidetrack and seismic programme.

B-3S is located within the north-western structural culmination of the 60 km²
Basur-Resan geological anticline, with a surface location approximately 1.2 km
north of the 1964 Basur-1 oil discovery well. UKOG's wholly owned subsidiary,
UKOG Turkey Ltd, holds a 50% non-operated interest in B-3 and the surrounding
305 km² Resan M47-b1, b2 licence.

Qualified Person's Statement

 

Matt Cartwright, UKOG's Commercial Director, who has 38 years of relevant
experience in the global oil industry, has approved the information contained
in this announcement. Mr Cartwright is a Chartered Engineer and member of the
Society of Petroleum Engineers.

 

Stephen Sanderson, UKOG's Chief Executive commented:

 

"Concluding the first tranche of our seismic programme, specifically geared to
optimise the drilling trajectories of both the B-3S and Resan-6 appraisal
wells, marks an important milestone for our Turkish assets as we continue to
push towards establishing first production from Basur-Resan. We look forward
to the receipt of new processed data and the resultant recommencement of
drilling operations."

 

 

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

 

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