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Completion of Resan licence agreement with AME

Wed, 20th Jan 2021 07:00

RNS Number : 2281M
UK Oil & Gas PLC
20 January 2021

UK Oil & Gas PLC

("UKOG" or the "Company")


Completion of Turkish Resan licence participation agreement with AME


UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that following last week's formal government consent to the Company's 50% ownership of the 305 km² Basur-Resan oil appraisal and exploration licence ("the Licence"), it has now also completed the transaction with Aladdin Middle East Ltd ("AME"). Effective forthwith the conduct of the Licence's operations will now be governed by the respective joint operating agreement.


Both the Company and AME will now work towards finalising the design and delivery of a successful first appraisal well, Basur-3, aimed at establishing the commerciality of the aerially extensive and as yet undeveloped Basur-Resan oil discovery.


As per the Company's 15 January 2021 announcement, the board views the Licence's forthcoming 2021 appraisal drilling programme to present a compelling and potentially transformational growth opportunity for the Company. Further updates will be issued in due course.


A newly updated and expanded Turkey presentation is available on the Company's website:


Stephen Sanderson UKOG's Chief Executive commented:


"We look forward to a long and successful partnership with AME and to proving Basur-Resan to be commercially viable, a potentially significant and transformational prize for the Company."


Qualified Person's Statement


Matt Cartwright, UKOG's Commercial Director, who has 37 years of relevant experience in the global oil 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 / Kiran Morzaria


Tel: 01483 941493

WH Ireland Ltd (Nominated Adviser and Broker)


James Joyce / James Sinclair-Ford


Tel: 020 7220 1666



Brian Alexander

Tel: 01483 941493






A petroleum accumulation (oil in this case) 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


UKOG Licence Interests

The Company has interests in the following UK and international licences:




UKOG Interest

Licence Holder


Area (km2)


Avington 1



UKOG (GB) Limited

IGas Energy Plc


Field temporarily shut in

Loxley & Broadford Bridge 2, 3, 7



UKOG (234) Ltd 4

UKOG (234) Ltd 4


Loxley/Godley Bridge gas discovery, BB-1/1z oil discovery

Horndean 1



UKOG (GB) Limited

IGas Energy Plc


Field in stable production

Horse Hill ¹, ⁵



Horse Hill Developments Ltd 

Horse Hill Developments Ltd 


Field in stable production

Horse Hill ¹, ⁵



Horse Hill Developments Ltd 

Horse Hill Developments Ltd 


Field in stable production

Isle of Wight 2, 3






Planning application submitted for Arreton oil appraisal well

Resan Turkey 2, 3, 8

M-47-b1, b2


UKOG Turkey Ltd

Aladdin Middle East


Appraisal of Basur-Resan oil discovery plus further expl. prospects. Drilling planned in 2021




1. Oil field currently in stable production.

2. Oil discovery pending development and/or appraisal drilling.

3. Exploration asset with drillable prospects and leads.

4. Contains the Loxley Portland gas accumulation, the Broadford Bridge-1/1z Kimmeridge oil discovery, plus further undrilled Kimmeridge exploration prospects.

5. Portland and Kimmeridge oil field with productive and commercially viable zones, HH-1 in stable oil production, production planning consent granted in September 2019, long-term production consent granted in March 2020.

6. UKOG has a direct 77.9% interest in HHDL, which has a 65% interest in PEDL137 and PEDL246.

7. Gas discovery pending appraisal drilling and development with underlying Kimmeridge potential

8. High-impact oil appraisal project with an upside OIP range of 150-500 mmbbl gross with expected recovery factors of 10-20% of OIP


The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014




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