REG - UK Oil & Gas PLC - Turkey: Pinarova-1 reaches first casing point

UK Oil & GasAnnouncement

13/04/2023 09:45

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RNS Number : 1260W  UK Oil & Gas PLC  13 April 2023

13/04/2023

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Turkey: Pinarova-1 reaches first casing point

 

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that Pinarova-1
has now reached its planned 9⅝ inch casing point at 291 metres below
surface, several days ahead of schedule. After running and cementing casing,
drilling of 8½ inch diameter hole down through the Hoya target will commence.
It is planned to test any zones where good live oil shows are encountered
prior to reaching the estimated total depth of around 500-550 metres. UKOG's
geologist remains on site to help describe Hoya reservoir geology and to
identify any live 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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