UKOG Uk Oil & Gas Plc

TIDMUKOG

RNS Number : 9829P

UK Oil & Gas PLC

13 October 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 Aladdin Middle East, the Pinarova-1 operator, has advised that the resumption of testing operations within the Germik/Hoya sequence, utilising larger and more powerful 7-inch perforating guns, capable of fully penetrating the well's 95/8-inch casing, is expected in around 4 weeks once the guns are on site.

Testing will cover the section where strong oil odours at surface were recorded over a 12-hour period during drilling and mobile light oil was recovered from the mud pit. Subsequent geochemical analysis revealed that the Pinarova mud pit oil is near identical to and from the same source rock as the 42˚ API seismic shot hole oil seep, located around 1.5 km to the west (see RNS of 22(nd) September 2023).

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 petroleum 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. 
              ----------------------------------------------------------- 
 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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