UK Oil & Gas PLC
("UKOG" or the "Company")
Turkey: Pinarova-1 construction commences
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that construction of Pinarova-1's drilling pad and access road commenced on schedule over the weekend. As per the Company's Pinarova-1 release of 1st March 2023, site construction is expected to take approximately 14-21 days. Given no adverse weather-related construction delays, drilling to a total depth of around 500-550 metres below surface is expected to commence towards the end of March to early April 2023 directly after site completion.
Pinarova-1, located 6 km north of the Basur-1 oil discovery, is 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 of some 9 km² areal extent within Eocene Hoya group limestones, lying around 300-645 metres below surface (see RNS of 11th January 2023).
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:
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UK Oil & Gas PLC |
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Stephen Sanderson / Allen D Howard
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Tel: 01483 941493 |
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WH Ireland Ltd (Nominated Adviser and Broker) |
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James Joyce / Andrew de Andrade/James Bavister
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Tel: 020 7220 1666
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Communications |
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Brian Alexander |
Tel: 01483 941493 |
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Glossary
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°API |
a measure of the density of crude oil, as defined by the American Petroleum Institute |
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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 |
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limestone |
a sedimentary rock predominantly composed of calcite (a crystalline mineral form of calcium carbonate) of organic, chemical or detrital origin. |
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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. |
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shot hole |
a shallow borehole in which a small amount of explosive is detonated in order to generate a seismic signal |
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.