REG - UK Oil & Gas PLC - Turkey: Pinarova-1 Testing Latest

UK Oil & GasAnnouncement

21/11/2023 07:00

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RNS Number : 0469U  UK Oil & Gas PLC  21 November 2023

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Turkey: Pinarova-1 Testing Latest

 

UK Oil & Gas plc (London AIM: UKOG) is pleased to announce that the
Pinarova joint venture's order of more powerful 7-inch perforating guns,
capable of fully penetrating Pinarova's 9⅝-inch casing, arrived in-country
last week via airfreight into Istanbul. Upon completion of the necessary
preparations/paperwork the guns will be transported to site, triggering the
resumption of testing operations.

 

The new guns will be deployed 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 (see RNS of 22(nd) September
2023).

 

Geochemical analysis demonstrates that the Pinarova mud pit oil is near
identical to and from the same source rock as the 42˚ API seismic shot hole
oil seep, located around 1.5 km to the west.

 

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

 °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
 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
 source rock  a sedimentary rock, usually a claystone, mudstone or shale, which contains
              fossil organic matter known as kerogen derived from the decomposition of
              fossil phytoplankton, algae, bacteria and occasionally plant material. When
              the kerogen is subjected to increasing temperature and pressure through burial
              over geological time, it is transformed into hydrocarbons.

 

 

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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