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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: https://www.ukogplc.com/ul/UKOG_Turkey_Slides%20_FINAL_190121.pdf

 

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

Communications

 

Brian Alexander

Tel: 01483 941493

 

 

Glossary

 

discovery

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:

 

Asset

Licence

UKOG Interest

Licence Holder

Operator

Area (km2)

Status

Avington 1

PEDL070

5%

UKOG (GB) Limited

IGas Energy Plc

18.3

Field temporarily shut in

Loxley & Broadford Bridge 2, 3, 7

PEDL234

100%

UKOG (234) Ltd 4

UKOG (234) Ltd 4

300

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

Horndean 1

PL211

10%

UKOG (GB) Limited

IGas Energy Plc

27.3

Field in stable production

Horse Hill ¹, ⁵

PEDL137

85.635%

Horse Hill Developments Ltd 

Horse Hill Developments Ltd 

99.3

Field in stable production

Horse Hill ¹, ⁵

PEDL246

85.635%

Horse Hill Developments Ltd 

Horse Hill Developments Ltd 

43.6

Field in stable production

Isle of Wight 2, 3

PEDL331

95%

UKOG

UKOG

200

Planning application submitted for Arreton oil appraisal well

Resan Turkey 2, 3, 8

M-47-b1, b2

50%

UKOG Turkey Ltd

Aladdin Middle East

305

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

 

Notes:

 

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

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
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