(Sharecast News) - UK Oil & Gas updated the market on testing operations at the Pinarova-1 well on Friday, with testing set to resume in around four weeks.
The AIM-traded firm said the well's operator, Aladdin Middle East, planned for the next phase of operations to leverage larger, seven-inch perforating guns, ensuring thorough penetration of the well's nine-and-five-eighths inch casing during the testing of the Germik-Hoya sequence.
It said the resumed testing was planned after initial findings showed a discernible presence of oil during the drilling process, where strong oil odours were detected at the surface over a 12-hour duration, and mobile light oil was successfully extracted from the mud pit.
Those promising signs led to a geochemical analysis, which affirmed the oil's origin and demonstrated that it mirrored the 42-degree API seismic shot hole oil seep 1.5 kilometres west of the current site.
"UKOG holds a 50% non-operated interest in Pinarova-1 and the surrounding 305 square kilometre Resan licence, which also includes the as yet undeveloped Basur-1 light oil discovery," the company confirmed.
At 1428 BST, UK Oil & Gas shares were down 0.66% at 0.03p.
Reporting by Josh White for Sharecast.com.
Uk Oil & Gas (UKOG)