TIDMUKOG
RNS Number : 2536V
UK Oil & Gas PLC
10 December 2021
UK Oil & Gas PLC
("UKOG" or the "Company")
Turkey: General operational update
UK Oil & Gas PLC (London AIM: UKOG) ("the Company")
announces that following its first covid permitted technical and
management visit to its partner Aladdin Middle East's ("AME")
offices in Ankara and to the company's Basur-Resan licence area in
which UKOG holds a 50% non-operated interest, it is pleased to
provide the following general update:
Basur-Resan Seismic Acquisition
Further to AME's August decision to temporarily halt drilling of
the proposed Basur-3 ("B-3") mechanical sidetrack ("B-3S") until
new seismic over the target area was acquired, good progress has
now been made by Viking Geophysical Services ("VGS") in acquiring
the 2D seismic programme.
The Company's geophysicist visited the VGS operation for over a
week and continues regular in-person oversight of the acquisition.
VGS' acquisition programme is also being overseen by the Company's
UK-based expert acquisition quality control consultant to ensure
the best data possible is acquired.
A first tranche of acquisition and fast track processing ("Phase
1") is due to be completed within the first quarter of 2022,
factoring in anticipated winter-weather down-time in the Siirt
region. It should be noted that seismic acquisition in this area of
Turkey is challenging due to the remote location, rough and steep
topography, significant elevation changes and presence of several
significant river gorges and lakes.
The Phase 1 processing contractor has been chosen and priority
will be given to fast-track process 3 lines covering the B-3S area
and trajectory, plus the proposed new Resan-6 drilling location.
Existing legacy data has also been recently reprocessed and a
pre-stack depth migration process has commenced aimed at sharpening
the seismic imaging and spatial positioning of faults that may be
encountered along the B-3S trajectory.
B-3S Drilling
Active planning of B-3S is well underway and initial discussions
with prospective drilling rig contractors have taken place, with
detailed well planning and contractor selection progressing. It is
planned that the well will commence upon receipt and interpretation
of the fast-track seismic processing.
In the interests of maximising cost efficiencies, plans are in
place for surplus UKOG-owned casing to be transferred to the B-3S
site for utilisation during drilling, thus reducing UKOG net
costs
The Company is working closely with AME's operations team and
spent a full day involved in joint contractor meetings and well
planning during its Ankara visit.
B-3S is located within the north-western structural culmination
of the 60 km(2) Basur-Resan anticlinal structure, with a surface
location approximately 1.2 km north of the 1964 Basur-1 oil
discovery well. UKOG's wholly owned subsidiary UKOG Turkey holds a
50% interest in B-3 and the surrounding 305 km(2) Resan M47-b1, b2
licence with AME, its joint venture partner and the operator of B-3
and B-3S.
As stated in August 2021 the Company's position in which it
preferred to drill B-3S before the conclusion of the seismic
programme remains unchanged. However, in the interests of JV
harmony we will support the operator's position and forward
plan.
Additional Basur-Resan Licence Prospectivity
Recent detailed surface geological mapping of the licence area
has identified a previously unrecognised and undrilled surface
anticline, currently referred to as Lead Siirt. This new feature is
a four-way dip thrust-related anticline, geologically analogous in
nature to AME's producing East Sadak field and occupies a larger
surface extent. Since AME's discovery of the nearby East Sadak
field in late 2013, they have successfully drilled 12 producing
wells plus 3 sidetracks in the field.
The joint venture may switch one or two of the less essential
Basur-Resan seismic lines to cover Lead Siirt with the object of
better understanding its potential hydrocarbon volumes prior to any
drilling decision. Should such a switch occur, it will not affect
B-3S drilling or the definition of the Basur-Resan structure.
Joint Venture Admin
A Resan Licence Operating Committee meeting was held in Ankara,
the first face to face meeting permitted since the pandemic, and
which approved the 2022 work programme and budget for seismic
acquisition and B-3S drilling.
Sufficient funds are available to deliver the seismic and
planned sidetrack as stated above.
New Ventures
AME and the Company's bid for three new licences in last year's
Turkish mini-licence round, announced on 10 December 2020, was
ultimately unsuccessful. The mini licence round attracted several
other bidders including the Turkish national oil company TPAO.
Although the result was disappointing given the work programme
offered by AME and UKOG, the bid was always ancillary to the
Company's main focus of appraising Basur-Resan.
We now understand from various sources in Ankara that whilst
GDMPA, the Turkish licence regulator, recommended the award of more
than one licence to the AME led group, the Ministry awarded all
these licences in favour of TPAO following their recent successes
in the Black Sea.
The Company continues to look for additional projects in Turkey
and has reviewed a further new opportunity to the southeast of our
Resan licence. This contains an interesting and potentially
material undrilled anticlinal feature analogous to both East Sadak
and Basur-Resan. Further information will be issued in due course
if our evaluations prove positive.
Qualified Person's Statement
Matt Cartwright, UKOG's Commercial Director, who has 38 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.
Stephen Sanderson, UKOG's Chief Executive commented:
"2022 promises to be an exciting year in our Turkish assets with
the conclusion of the Basur-Resan seismic programme and the
drilling and testing of Basur-3S. The additional prospectivity from
Lead A also gives unexpected further additional resources and
drilling scope to the Licence."
For further information, please contact:
UK Oil & Gas PLC
Stephen Sanderson / Kiran Morzaria Tel: 01483 941493
WH Ireland Ltd (Nominated Adviser
and Broker)
James Joyce / Andrew de Andrade Tel: 020 7220
1666
Communications
Brian Alexander Tel: 01483 941493
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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
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December 10, 2021 02:00 ET (07:00 GMT)
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