Last checked at 21 Nov 2023 07:00
UK Oil & Gas PLC
("UKOG" or the "Company")
Turkey: Pinarova-1 Testing Latest
UK Oil & Gas plc (London AIM: UKOG) is pleased to announce that the Pinarova joint venture's order of more powerful 7-inch perforating guns, capable of fully penetrating Pinarova's 9?-inch casing, arrived in-country last week via airfreight into Istanbul. Upon completion of the necessary preparations/paperwork the guns will be transported to site, triggering the resumption of testing operations.
The new guns will be deployed over the Germik/Hoya section where strong oil odours at surface were recorded over a 12-hour period during drilling and mobile light oil was recovered from the mud pit (see RNS of 22nd September 2023).
Geochemical analysis demonstrates that the Pinarova mud pit oil is near identical to and from the same source rock as the 42? API seismic shot hole oil seep, located around 1.5 km to the west.
UKOG holds a 50% non-operated interest in Pinarova-1 and the surrounding 305 km² Resan licence, which also includes the as yet undeveloped Basur-1 light oil discovery.
Qualified Person's Statement
Matt Cartwright, UKOG's Commercial Director, who has 40 years of relevant experience in the global petroleum 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 / Allen D Howard Tel: 01483 941493
WH Ireland Ltd (Nominated Adviser and Broker)
James Joyce / Andrew de Andrade/James Bavister Tel: 020 7220 1666
Communications
Brian Alexander Tel: 01483 941493
Glossary
°API | a measure of the density of crude oil, as defined by the American Petroleum Institute |
discovery | a 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 seep | a natural flow of crude oil at or close to the earth's surface whose origin is from a petroleum accumulation or oil source rock at depth. |
shot hole | a shallow borehole in which a small amount of explosive is detonated in order to generate a seismic signal |
source rock | a sedimentary rock, usually a claystone, mudstone or shale, which contains fossil organic matter known as kerogen derived from the decomposition of fossil phytoplankton, algae, bacteria and occasionally plant material. When the kerogen is subjected to increasing temperature and pressure through burial over geological time, it is transformed into hydrocarbons. |
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.