23 Jan 2024 07:00
UK Oil & Gas PLC
("UKOG" or the "Company")
Pinarova-1 Testing Operations Commence
UK Oil & Gas plc (London AIM: UKOG) is pleased to announce that following the delivery of both PSI's perforating and Aladdin Middle East's ("AME") swab testing equipment to site, Pinarova-1 testing operations have now recommenced. PSI's larger 7-inch perforation guns will be deployed following normal site rig up and necessary safety and environmental checks. UKOG's site representative will monitor and quality control the full operational programme. Further updates will be issued in due course.
The new larger 7-inch perforating guns, capable of fully penetrating Pinarova's 9?-inch casing, 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 42? API oil was recovered from the mud pit (see RNS of 22nd September 2023). Geochemical analysis found the mud pit oil to be near identical to that found in the 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 / James Bavister / Andrew de Andrade 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 |
Uk Oil & Gas (UKOG)