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

UK Oil & GasAnnouncement

15/12/2023 07:00

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RNS Number : 8959W  UK Oil & Gas PLC  15 December 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 all
required explosives permits for the deployment of the new 7-inch perforating
guns, capable of fully penetrating Pinarova's 9⅝-inch casing, have now
finally been secured by the service provider, PSI. The equipment is thus fully
ready to be transported to site. The Company is now liaising with the operator
AME to schedule a firm date for 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 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.

 

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

 

 

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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