Turkey: Pinarova-1 Construction Commences

RNS Number : 7515S
UK Oil & Gas PLC
13 March 2023
 

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:

  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

limestone

a sedimentary rock predominantly composed of calcite (a crystalline mineral form of calcium carbonate) of organic, chemical or detrital origin.

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

 

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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCFZGMFGFZGFZM
UK 100

Latest directors dealings