UK Oil & Gas PLC Turkey: Basur-3 drilling update (7539D)
01 Luglio 2021 - 8:00AM
UK Regulatory
TIDMUKOG
RNS Number : 7539D
UK Oil & Gas PLC
01 July 2021
UK Oil & Gas PLC
("UKOG" or the "Company")
Turkey: Basur-3 drilling update #2
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce
that following completion of the Basur-3 appraisal well's initial
17 1/2 inch diameter hole section, 133/8 inch casing has now been
set, successfully cemented down to a drilled depth of 367 m (1204
ft) below surface and pressure tested. Following setting of blow
out preventers, drilling will then resume in 12 1/4 inch hole
section, the base of which is planned to penetrate the Garzan
limestone, the first of two target horizons.
The Basur-3 oil appraisal well is located within the
north-western structural culmination of the 60 km(2) Basur-Resan
geological anticlinal structure, approximately 1.2 km north of the
1964 Basur-1 oil discovery well which, as previously reported on 14
October 2020, 15 January 2021, 21 June 2021, flowed oil to surface
at encouraging rates over a 6 hour test period.
Basur -3 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.
UKOG Turkey Ltd holds a 50% non-operated interest in B-3 and the
surrounding 305 km(2) Resan M47-b1,b2 licence.
A selection of the latest site photographs are available on the
Company's website:
https://www.ukogplc.com
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.
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
---------------------------------------------------
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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