REG - UK Oil & Gas PLC - Turkey Phase 2 seismic completed

UK Oil & GasAnnouncement

16/09/2022 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:20220916:nRSP6759Za&default-theme=true

RNS Number : 6759Z  UK Oil & Gas PLC  16 September 2022

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Turkey Phase 2 seismic completed

 

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that
acquisition of the Phase 2 seismic programme over its Turkey Resan licence
(UKOG 50% interest) has now been successfully completed and the field crew
demobilised. The programme, consisting of four new 2D seismic lines over the
possible updip western extent of the Basur-1 oil discovery and Prospect B to
the south, was delivered ahead of schedule and under budget.

 

Once the seismic has been processed, final versions received in house,
interpreted and a new top reservoir map made, the Company will provide a
further update of the results.  The Company will then focus firmly upon the
delivery of a new Basur appraisal well, now anticipated to be able to add
near-term oil production to the Company in H1 2023. It should be noted that
Turkey's Petroleum Law enables a successful oil well to be put into full time
production within days to weeks of a successful test.

 

Qualified Person's Statement

 

Matt Cartwright, UKOG's Commercial Director, who has 39 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.

 

 

For further information, please contact:

 UK Oil & Gas PLC
 Stephen Sanderson / Allen D Howard / Guzyal Mukhametzhanova       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

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

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  MSCGPUAPBUPPGMA