RNS Number : 6759Z

UK Oil & Gas PLC

16 September 2022

UK Oil & Gas PLC

("UKOG" or the "Company")

Turkey Phase 2 seismic completed

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that acquisition of the Phase 2 seismic programme over its Turkey Resan licence (UKOG 50% interest) has now been successfully completed and the field crew demobilised. The programme, consisting of four new 2D seismic lines over the possible updip western extent of the Basur-1 oil discovery and Prospect B to the south, was delivered ahead of schedule and under budget.

Once the seismic has been processed, final versions received in house, interpreted and a new top reservoir map made, the Company will provide a further update of the results. The Company will then focus firmly upon the delivery of a new Basur appraisal well, now anticipated to be able to add near-term oil production to the Company in H1 2023. It should be noted that Turkey's Petroleum Law enables a successful oil well to be put into full time production within days to weeks of a successful test.

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 / Guzyal Mukhametzhanova     Tel: 01483 941493 
 WH Ireland Ltd (Nominated Adviser and Broker) 
 James Joyce / Andrew de Andrade                                 Tel: 020 7220 1666 
 Brian Alexander                                                 Tel: 01483 941493 

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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(END) Dow Jones Newswires

September 16, 2022 02:00 ET (06:00 GMT)

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