Just a reminder- why SS is not in a hurry to raise funds:11 Jun 2021 15:53
2.2 million were raised for- initial prep operations:
Turkey Resan licence update
Wed, 14th Oct 2020 07:00
RNS Number : 9716B
UK Oil & Gas PLC
14 October 2020
UK Oil & Gas PLC
("UKOG" or the "Company")
Turkey Resan licence update
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that further to its 23 July release, it has now successfully executed the participation agreement (i.e. farmin agreement) and the joint operating agreement with Aladdin Middle East Ltd ("AME") for its 50% interest in the 305 km² Turkish Resan Licence ("Licence") and the respective oil appraisal and exploration programme.
Further to its successful 02 October equity raise, UKOG will now fund its agreed share of key initial preparatory operations so that the first oil appraisal well, currently planned as Basur-3, a surface location for which has now been chosen, can be drilled as soon as practicable in early 2021.
Resan Licence: material overlooked recoverable oil volumes
As reported on 23 July, Xodus Group Ltd's ("Xodus") June 2020 report calculates the Licence to contain materially significant recoverable discovered and undiscovered prospective resource volumes (see glossary definitions), with calculated aggregate mean and high gross cases of 43.4 million barrels (UKOG net 21.7 "mmbbl") and 84 mmbbl (UKOG net 42 mmbbl) respectively, details of which are shown in table 1 below:
Table 1: Total Licence aggregate discovered and undiscovered prospective resources (mmbbl)
Total Resan Licence (mmbbl)¹
Low Case (P90)
Mid Case (P50)
Mean Case
(average)
High Case (P10)
Gross recoverable
18.9
39.2
43.4
84 ²
UKOG net recoverable (50% WI)
9.45
19.6
21.7
42 ²
Gross oil in place
142
275
321
607
Notes: 1. Table 1 shows an arithmetic sum of Xodus' June 2020 Basur and Resan discovered resources and Prospect A undiscovered resources (see glossary definition). 2. Xodus report states that in the high case, 20% of OIP could reasonably expected to be recovered, however, tabulated P10 volumes show only c. 13.8% recovery. A 20% high case recovery would equate to a P10 recoverable volume of 120 mmbbl (60 mmbbl UKOG net).