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

UK Oil & GasAnnouncement

13/10/2023 07:00

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RNS Number : 9829P  UK Oil & Gas PLC  13 October 2023

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Turkey: Pinarova-1 Testing Update

 

UK Oil & Gas plc (London AIM: UKOG) is pleased to announce that Aladdin
Middle East, the Pinarova-1 operator, has advised that the resumption of
testing operations within the Germik/Hoya sequence, utilising larger and more
powerful 7-inch perforating guns, capable of fully penetrating the well's
9⅝-inch casing, is expected in around 4 weeks once the guns are on site.

 

Testing will cover the 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. Subsequent geochemical analysis revealed 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 (see
RNS of 22(nd) September 2023).

 

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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