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

UK Oil & GasAnnouncement

11/01/2024 07:00

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RNS Number : 3177Z  UK Oil & Gas PLC  11 January 2024

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Turkey: Pinarova-1 Testing

 

UK Oil & Gas plc (London AIM: UKOG) is pleased to announce that following
the successful completion of repair and strengthening of the access track and
well pad during recent good weather, we are advised by operator AME that
perforating operations should commence towards the end of next week or by the
following Monday, 22 January 2024.

 

PSI, the service provider of the new 7-inch perforating guns, capable of fully
penetrating Pinarova's 9⅝-inch casing, has now been mobilised and their
wireline-conveyed perforating operations can start in line with the above
schedule. Further updates will be issued in due course.

 

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

 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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