UK Oil & Gas PLC Turkey: Pinarova-1 Testing Update (2890N)
22 Settembre 2023 - 8:00AM
UK Regulatory
TIDMUKOG
RNS Number : 2890N
UK Oil & Gas PLC
22 September 2023
UK Oil & Gas PLC
("UKOG" or the "Company")
Turkey: Pinarova-1 Testing Update
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce
that following the temporary suspension of Pinarova-1 testing
operations, larger and more powerful 7-inch perforating guns,
capable of fully penetrating Pinarova-1's 95/8-inch casing and
cement and that are available for import into Turkey, have now
finally been sourced. The Company is working closely with the
Pinarova-1 operator, Aladdin Middle East, to facilitate delivery to
the site as soon as possible so as testing operations can
recommence.
As per the Company's 23(rd) May 2023 RNS, downhole pressure
gauge data showed that the original 4.5-inch perforating guns, the
only size guns available in-country, did not establish direct
contact with the formation. Therefore, tests to date did not assess
the potential of the zones associated with the 12 hours of strong
crude oil odour and oil at surface as previously reported on 3(rd)
May 2023.
Additionally, new geochemical analyses undertaken by UK/Norway
based APT Ltd demonstrate that both the Pinarova mud-pit oil sample
and oil samples from the nearby shallow seismic shot-hole seep are
a geochemical close match and most likely originate from the same
Mesozoic age oil source rock, located beneath the general area of
the shallow Pinarova structure.
With this in mind, should further testing be positive,
consideration is being given to the acquisition of a small 3D
seismic programme to identify a possible deeper oil pool,
seepage/spill from which being the most likely primary source of
both the seep and Pinarova oils.
Pinarova-1, located 6 km north of the Basur-1 oil discovery, was
designed to test a working hypothesis, supported by well and
seismic data, that the active 42˚ 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 lying within the Germik and/or Hoya limestones.
UKOG holds a 50% non-operated interest in Pinarova-1 and the
surrounding 305 km(2) 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 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
degAPI 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.
-----------------------------------------------------------
oil shows The presence of visible moveable oil on drill
cuttings and or within the drilling fluid seen
at surface
-----------------------------------------------------------
shot hole a shallow borehole in which a small amount of
explosive is detonated in order to generate a
seismic signal
-----------------------------------------------------------
source rock a sedimentary rock, usually a claystone, mudstone
or shale, which contains fossil organic matter
known as kerogen derived from the decomposition
of fossil phytoplankton, algae, bacteria and occasionally
plant material. When the kerogen is subjected
to increasing temperature and pressure through
burial over geological time, it is transformed
into hydrocarbons.
-----------------------------------------------------------
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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