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Turkey Basur-3 drilling rig mobilised to site

Mon, 21st Jun 2021 07:00

RNS Number : 5149C
UK Oil & Gas PLC
21 June 2021
 

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Turkey Basur-3 drilling rig mobilised to site

 

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that following completion of the Basur-3 appraisal well's drilling pad and finalisation of the rig contract, the Oceanmec Karahan ZJ40DZ rig has now been mobilised to the site from western Turkey. As of 2359 hrs on Saturday 19th June, 38 related loads had been received at site. The rig-up and rig-acceptance stage is expected to continue throughout the coming week with an expected drilling start shortly afterwards.

 

Basur-3 will be the first modern well designed to properly appraise and assess the extent and commercial viability of the discovered Basur-Resan oil pool. The well will test the north-western structural culmination of the 60 km² Basur-Resan geological structure, approximately 1.2 km north and geologically updip from the 1964 Basur-1 oil discovery well.

 

As detailed in the Company's 14 October 2020 and 15 January 2021 releases, Basur-1 produced 500 barrels of oil from a short 6-hour test. Further wells drilled in the 1950s to the southwest within the Resan area of the structure reported good oil shows at comparable depths to those at Basur, with one well recovering live oil to surface.

 

It should be noted that the data quality, record keeping and operational practices employed in Basur-Resan's 1950s-60s wells are considered poor by modern standards, hence the necessity for new 21st century data acquisition and knowledge to properly assess the discovery's overlooked potential.

 

Further operational updates will be issued in due course after drilling has commenced.

 

UKOG Turkey Ltd holds a 50% interest in Basur-3 and the surrounding 305 km² Resan M47-b1,b2 licence.

 

A selection of the latest site photographs will be made available on the Company's website:

https://www.ukogplc.com

 

Stephen Sanderson UKOG's Chief Executive commented:

 

"This welcome news is yet further confirmation that the pace of operations is far more rapid in Turkey than the UK, taking only 3 months from the start of site construction to the arrival of the drilling rig. We look forward to rig acceptance and to drilling the first well in our planned Turkish campaign."

 

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

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

oil pool

a subsurface oil accumulation existing within a single geological reservoir unit. Note that an oil field can consist of one or more oil pools or distinct reservoirs within a single large accumulation.

oil shows

the presence of live oil in rock cuttings recovered to surface whilst drilling

 

 

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 Summer 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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UPDUAOVRAWUNURR
Date   Source Headline
20th Oct 20217:00 amRNSIsle of Wight Council reject Arreton application
12th Oct 20219:05 amRNSSecond Price Monitoring Extn
12th Oct 20219:00 amRNSPrice Monitoring Extension
11th Oct 20212:05 pmRNSSecond Price Monitoring Extn
11th Oct 20212:00 pmRNSPrice Monitoring Extension

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