TIDMUKOG
RNS Number : 2848D
UK Oil & Gas PLC
28 June 2021
UK Oil & Gas PLC
("UKOG" or the "Company")
Turkey: Basur-3 Drilling Commences
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce
that following formal acceptance of the Oceanmec Karahan ZJ40DZ rig
at 1700 hrs BST+2, Saturday 26(th) June, air drilling of Basur-3's
initial 17 1/2 inch diameter hole section commenced at 1818 hrs
local time. Upon completion of the 17 1/2 inch hole section, 135/8
inch casing is expected to be set and it is anticipated that the
well will switch to a water-based mud system for the 12 1/4 inch
section and the remainder of the well.
UKOG Turkey Ltd holds a 50% interest in Basur-3 and the
surrounding 305 km(2) Resan M47-b1,b2 licence.
The Basur-3 appraisal well is the first modern well designed to
properly appraise and assess the extent and commercial viability of
the Basur-Resan oil pool discovered in the 1950s-1960s. Its primary
objectives are the naturally fractured and dolomitised limestone
rocks of the Cretaceous age Garzan and Mardin Formations, which are
productive at our partner Aladdin Middle East's E. Sadak oil field,
whose western edge is some 20 km to the southeast and along the
same geological anticlinal trend.
The well is expected to test the north-western structural
culmination of the 60 km(2) Basur-Resan geological anticlinal
structure, approximately 1.2 km north and geologically updip from
the 1964 Basur-1 oil discovery well which, as previously reported
on 14 October 2020, 15 January 2021 and 21 June 2021, flowed oil to
surface at encouraging rates over a 6 hour test period.
Further operational updates will be issued in due course.
A selection of the latest site photographs will be made
available on the Company's website:
https://www.ukogplc.com
Stephen Sanderson, UKOG's Chief Executive, commented:
"The start of Basur-3 drilling is a landmark milestone for UKOG
Turkey and the Company."
Qualified Person's Statement
Matt Cartwright, UKOG's Commercial Director, who has over 36
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 / Kiran Morzaria Tel: 01483 900582
W H Ireland Ltd (Nominated Adviser and Broker)
James Joyce / James Sinclair-Ford Tel: 020 7220 1666
Communications
Brian Alexander Tel: 01483 900582
Glossary
anticline a domed shape geological structure. Often the
anticline's geological expression can be seen
at surface where it is expressed as a surface
anticline. This is the case at Basur-Resan.
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
---------------------------------------------------
dolomite a crystalline form of calcium carbonate or
lime. The geological process of turning the
more common calcite crystalline form of calcium
carbonate into dolomite increases the pore
space in the rock by approximately 13% thus
improving the rocks ability to store oil and
improve potential oil flow
---------------------------------------------------
limestone sedimentary rock predominantly composed of
calcite (a crystalline mineral form of calcium
carbonate or lime) of organic, chemical or
detrital origin. Minor amounts of dolomite,
chert and clay are common in limestones
---------------------------------------------------
oil field a subsurface oil accumulation existing within
a single or multiple geological reservoir unit
from which oil is recovered to surface. Note
that an oil field can consist of one or more
oil pools or distinct reservoirs.
---------------------------------------------------
oil pool a subsurface oil accumulation existing within
a single geological reservoir unit.
---------------------------------------------------
UKOG Licence Interests
The Company has interests in the following UK and international
licences:
Asset Licence UKOG Licence Holder Operator Area Status
Interest (km
(2)
)
Horndean UKOG (GB) IGas Energy Field in stable
(1) PL211 10% Limited Plc 27.3 production
------------- ---------- --------------- --------------- ----- ---------------------
Horse Hill Horse Hill
Horse Developments Developments Field in stable
Hill (1)(,) PEDL137 85.635% Ltd Ltd 99.3 production
------------- ---------- --------------- --------------- ----- ---------------------
Horse Hill Horse Hill
Horse Developments Developments Field in stable
Hill (1)(,) PEDL246 85.635% Ltd Ltd 43.6 production
------------- ---------- --------------- --------------- ----- ---------------------
Avington UKOG (GB) IGas Energy Field temporarily
(1) PEDL070 5% Limited Plc 18.3 shut in
------------- ---------- --------------- --------------- ----- ---------------------
Appraisal
of Basur-Resan
oil discovery
plus further
Resan expl. prospects.
Turkey Drilling planned
(2, 3, M-47-b1, UKOG Turkey Aladdin Middle in Summer
8) b2 50% Ltd East 305 2021
------------- ---------- --------------- --------------- ----- ---------------------
Loxley/Godley
Bridge gas
Loxley discovery,
(2, 3, UKOG (234) UKOG (234) BB-1/1z oil
7) PEDL234 100% Ltd (4) Ltd (4) 300 discovery
------------- ---------- --------------- --------------- ----- ---------------------
Planning application
submitted
Isle for Arreton
of Wight oil appraisal
(2, 3) PEDL331 95% UKOG UKOG 200 well
------------- ---------- --------------- --------------- ----- ---------------------
Notes:
1. Oil field currently in stable production.
2. Oil discovery pending development and/or appraisal
drilling.
3. Exploration asset with drillable prospects and leads.
4. Contains the Loxley Portland gas accumulation, the Broadford
Bridge-1/1z Kimmeridge oil discovery, plus further undrilled
Kimmeridge exploration prospects.
5. Portland and Kimmeridge oil field with productive and
commercially viable zones, HH-1 in stable oil production,
production planning consent granted in September 2019, long-term
production consent granted in March 2020.
6. UKOG has a direct 77.9% interest in HHDL, which has a 65% interest in PEDL137 and PEDL246.
7. Gas discovery pending appraisal drilling and development with underlying Kimmeridge potential
8. High-impact oil appraisal project with an upside OIP range of
150-500 mmbbl gross with expected recovery factors of 10-20% of
OIP
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014
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END
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