REG - UK Oil & Gas PLC - Turkey: Pinarova-1 drilling commences

UK Oil & GasAnnouncement

11/04/2023 07:00

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RNS Number : 7167V  UK Oil & Gas PLC  11 April 2023

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Turkey: Pinarova-1 drilling commences

 

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that Pinarova-1
drilling operations commenced at 0800 local time on Friday 7(th) April, 2023.
Drilling of 12¼ inch diameter hole down to the first casing point at a depth
of  around 300 metres below surface is underway and is expected to take
around 8-10 days. Following setting of 9⅝ inch casing, the well will then
drill through the target Hoya section and ultimately down to a total depth of
approximately 500-550 metres below surface. A UKOG geologist is on site to
assist in recording geology and identifying any mobile oil to surface in
drilling cuttings and or mud.

 

Pinarova-1, located 6 km north of the Basur-1 oil discovery, is designed to
test a working hypothesis, supported by well and seismic data, that the active
41.7˚ API light oil seep found last summer in a seismic shot hole above the
Pinarova structure, is directly fed by and connected to an underlying light
oil accumulation of some 9 km² areal extent within Eocene Hoya group
limestones, lying around 300-645 metres below surface (see RNS of 11(th)
January 2023 and 30(th)  June 2022).

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 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                      Tel: 01483 941493

     WH Ireland Ltd (Nominated Adviser and Broker)
     James Joyce / Andrew de Andrade/James Bavister          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
 limestone  a sedimentary rock predominantly composed of calcite (a crystalline mineral
            form of calcium carbonate) of organic, chemical or detrital origin.
 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

 

 

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.

 

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