REG - UK Oil & Gas PLC - Turkey: Pinarova-1 Operations Re-Commence

UK Oil & GasAnnouncement

03/01/2024 13:15

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RNS Number : 5551Y  UK Oil & Gas PLC  03 January 2024

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Turkey: Pinarova-1 Operations Re-Commence

 

 

UK Oil & Gas plc (London AIM: UKOG) is pleased to announce that operations
at Pinarova-1 have commenced with site access and well pad strengthening and
repair. This will be followed by the arrival of the service provider PSI's
wireline equipment and the operator AME's swab testing unit.

 

As previously advised, the required explosive permits have been received for
the deployment of the new larger 7" perforating guns over the Germik/Hoya
section, where strong oil odours at surface were recorded over a 12-hour
period during drilling and mobile light oil was recovered from the mud pit .
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.

 

Further operational updates will be made in due course. 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 / Andrew de Andrade/James
Bavister
Tel: 020 7220 1666

 

Communications

Brian Alexander
 
                        Tel: 01483 941493

 

Glossary

 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.

 

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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