1p21 Apr 2023 10:51
UK Oil & Gas PLC, up 8.3% at 0.078 pence, 12-month range 0.057p - 0.21p. The UK-focused oil and gas explorer says the Pinarova-1 well has encountered oil shows in drill cuttings from 358 to 400 metres drilled depth. The onset of oil shows corresponds with observed drilling fluid losses, potentially indicating permeability development within the Hoya reservoir, the company says. Given these "encouraging observations", UK Oil & Gas decides to conduct open hole swabbed flow testing over the zone between 293 and 400 metres drilled depth. Preparations for testing operations are underway. Following testing operations, which are expected to run over the coming weekend, drilling is planned to continue through the underlying zone lying coincident with the uppermost and strongest seismic amplitude anomaly observed within Pinarova's core. UK Oil & Gas holds a 50% non-operated interest in Pinarova-1.