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23 May 2023 09:06
UK Oil & Gas PLC
("UKOG" or the "Company")
Turkey: Pinarova-1 Testing Update
UK Oil & Gas PLC (London AIM: UKOG) announces that the Company and Aladdin Middle East, the Pinarova-1 operator, have jointly decided to temporarily suspend testing operations pending access to larger, more powerful, 7-inch perforating guns, capable of fully penetrating Pinarova's 9⅝-inch casing and cement. The decision results from analysis of downhole pressure gauge data from testing operations, which indicates that the 4.5-inch perforating guns used have been unable to establish direct contact with the formation through the casing and cement.
Consequently, to date, tests have not yet been able to assess the potential of the zones associated with the 12 hours of strong crude oil odour and oil at surface as previously reported on May 3rd, 2023.
AME had previously advised that the 4.5-inch perforating guns were the largest available in-country and are now working with the sole licenced perforating gun provider in our operational area of SE Turkey to source the required equipment.
A further update will follow when the date of testing operation resumption becomes clear.
As per the RNS of May 3rd, the geochemical analysis of samples of Pinarova oil collected from the mud pit, the nearby seismic shot-hole seep and from East Sadak-12's Beloka/Mardin reservoir, proceeds ahead via laboratories in the UK and Norway.
Pinarova-1, located 6 km north of the Basur-1 oil discovery, was designed to test a working hypothesis, supported by well and seismic data, that the active 41.7˚ API light oil seep found last summer in a seismic shot hole above the Pinarova structure, is directly fed by and connected to an underlying light oil accumulation lying within the Germik and/or Hoya limestones.
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 39 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 / 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 |
drill cuttings | small chips of rock of a few millimetres or smaller diameter that are produced from the cutting and grinding action of the drill bit against the rock formation and which are brought to surface within the drilling fluid or mud. |
limestone | a sedimentary rock predominantly composed of calcite (a crystalline mineral form of calcium carbonate) of organic, chemical or detrital origin. |
oil pay | a reservoir or portion of a reservoir that contains economically producible hydrocarbons. The term derives from the fact that it is capable of "paying" an income. |
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. |
oil shows | The presence of visible moveable oil on drill cuttings and or within the drilling fluid seen at surface |
seismic amplitude | a measure of the seismic reflection strength at a given subsurface interface |
seismic amplitude anomaly | a seismic amplitude that is either higher or lower than the general amplitudes seen elsewhere at the same geological interface indicating a possible lateral change in rock properties resulting from a possible change in rock fluid content i.e., the presence of hydrocarbons and or lithology and or porosity. |
shot hole | a shallow borehole in which a small amount of explosive is detonated in order to generate a seismic signal |
swabbing, swab test | a basic testing procedure using an array of rubber swabbing cups attached to heavy wireline within production tubing. When the swabbing cups are moved repeatedly upwards this creates a suction or basic pumping effect in the tubing which can reduce/unload the head of fluids adjacent to the reservoir which can induce inflow from the formation into the well. Swabbing was used at UKOG's Horse Hill field in 2016 to induce flow from both the Kimmeridge and Portland zones. |
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.
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