UK Oil & Gas PLC - London-headquartered exploration and production company - Says air drilling started at its Basur-3 well on Saturday. Notes that, after air drilling the first 18 inch hole section and a 14 inch casting, drilling is set to switch to a water-based mud system for the remainder of the well.
Last Monday, UK Oil & Gas noted that the Basur-3 well is designed to assess the extent and commercial viability of the Basur-Resan oil pool, around 1.2 kilometres north of the 1964 Basur-1 oil discovery well. UKOG Turkey Ltd holds a 50% interest in Basur-3 and the surrounding 305 kilometre square Resan M47-b1, b2 licence area.
Current stock price: 0.21 pence, up 3.5% on Monday afternoon
Year-to-date change: up 41%
By Scarlett Butler; scarlettbutler@alliancenews.com
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Uk Oil & Gas (UKOG)