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Pin to quick picksUk Oil & Gas Regulatory News (UKOG)

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Formal drilling consent for Basur-3 granted

Wed, 7th Apr 2021 07:00

RNS Number : 5815U
UK Oil & Gas PLC
07 April 2021
 

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Turkish Energy Ministry grants formal drilling consent for Basur-3 appraisal well

 

UK Oil & Gas PLC (London AIM: UKOG) is delighted to announce that the Turkish Ministry of Energy and Natural Resources ("Ministry") has granted UKOG Turkey and Aladdin Middle East formal consent to drill the forthcoming Basur-3 appraisal well, located in the Resan licence AR/AME-UKO/K/M47-b1, b2 ("Licence"). UKOG Turkey, a wholly owned UKOG subsidiary, has a 50% interest in the Licence, which contains the potentially significant Basur-Resan oil discovery.

 

The Ministry's permission, dated 2nd April 2021, follows the partnership's 1st April 2021 submission of the required Pre-Activity Information Form (Annexe-50) and Drilling Programme. The consent requires the Ministry to be notified 5-days prior to the actual spud date of Basur-3.

 

Drilling pad and access road construction works continue to progress ahead at good pace with completion expected by end May.

 

As detailed in the Company's announcements of 14th October 2020,  January 15th and 23rd March 2021, Basur-3 is the first key step towards establishing the commerciality of the Basur-Resan Mardin oil pool, calculated to contain potentially transformational discovered recoverable oil resources (see: glossary below and Turkey presentations of January 15th and 23rd March 2021 on https://www.ukogplc.com ).

 

Stephen Sanderson UKOG's Chief Executive commented:

 

"The speedy grant of drilling consent from the Turkish government further illustrates how oil and gas projects can be pushed ahead more rapidly and with more certainty in Turkey than in the UK onshore, a key enabler for value creation and preservation. We commend our partner Aladdin Middle East's efforts in this respect."

 

Qualified Person's Statement

 

Matt Cartwright, UKOG's Commercial Director, who has 38 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

 

discovered recoverable volumes/resources (or contingent resources)

those quantities of discovered petroleum estimated, as of a given date, to be recoverable from a known accumulation, but where the project is not yet considered proven for commercial development due to one or more contingencies. In the case of Basur-Resan the contingency being confirmation that a well can recover a commercial volume at commercially viable rates, a normal appraisal stage uncertainty. Discovered resources are further categorised in accordance with the level of certainty associated with the estimates and may be sub-classified based on project maturity and/or characterised by their economic status. Should the Basur-Resan appraisal programme confirm commerciality, it is expected that resources would convert into reserves (see reserves definition below)

discovery

petroleum accumulation 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

reserves

those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions. Reserves must further satisfy four criteria: they must be discovered, recoverable, commercial, and remaining (as of the evaluation date) based on the development project(s) applied. Reserves are further categorised in accordance with the level of certainty associated with the estimates (i.e., Proven, Probable and Possible) and may be sub-classified based on project maturity and/or characterised by development and production status

 

 

UKOG Licence Interests

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

 

Asset

Licence

UKOG Interest

Licence Holder

Operator

Area (km2)

Status

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

Avington 1

PEDL070

5%

UKOG (GB) Limited

IGas Energy Plc

18.3

Field temporarily shut in

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

Loxley 2, 3, 7

PEDL234

100%

UKOG (234) Ltd 4

UKOG (234) Ltd 4

300

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

Isle of Wight 2, 3

PEDL331

95%

UKOG

UKOG

200

Planning application submitted for Arreton oil appraisal well

 

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

 

 

 

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