TIDMUKOG

RNS Number : 0475X

UK Oil & Gas PLC

21 April 2023

UK Oil & Gas PLC

("UKOG" or the "Company")

Turkey: Pinarova-1 oil shows & testing

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that after drilling ahead within the target Eocene Hoya limestone sequence, Pinarova-1 encountered oil shows in drill cuttings from 358 to 400 metres drilled depth. The onset of oil shows also corresponds with observed drilling fluid losses, potentially indicating permeability development within the Hoya reservoir. Given these encouraging observations, it has been decided to conduct open hole swabbed flow testing over the zone between 293 and 400 metres drilled depth. Preparations for testing operations are underway.

Following testing operations, which are expected to run over the coming weekend, drilling is planned to continue through the underlying zone lying coincident with the uppermost and strongest seismic amplitude anomaly observed within Pinarova's core. As per the Company's RNS of 11th January 2023, the seismic anomaly may indicate the presence of moveable hydrocarbons and or good Hoya reservoir development and is therefore a key drilling and testing objective.

Pinarova-1, located 6 km north of the Basur-1 oil discovery, is designed to test a working hypothesis, supported by well and seismic data, that the active 41.7˚ 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 of some 9 km(2) areal extent within the Hoya limestones, lying between c. 300-645 metres below surface.

It should be noted that the end of Ramadan, Eid al Fitr, occurs tonight, Friday 21st April 2023, and may affect operational timings over the coming weekend.

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 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                   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 
                    -------------------------------------------------------- 
 drill cuttings      Small er chips of rock of a few millimetres or 
                      smaller diameter that are produced from the cutting 
                      and grinding action of the drill bit and which 
                      are brought to surface within the drilling fluid 
                      or mud. 
                    -------------------------------------------------------- 
 limestone           a sedimentary rock predominantly composed of calcite 
                      (a crystalline mineral form of calcium carbonate) 
                      of organic, chemical or detrital origin. 
                    -------------------------------------------------------- 
 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 
                    -------------------------------------------------------- 
 seismic amplitude   a measure of the seismic reflection strength at 
                      a given subsurface interface 
                    -------------------------------------------------------- 
 seismic amplitude   a seismic amplitude that is either higher or lower 
  anomaly             than the general amplitudes seen elsewhere at 
                      the same geological interface indicating a possible 
                      lateral change in rock properties resulting from 
                      a possible change in rock fluid content i.e., 
                      the presence of hydrocarbons and or lithology 
                      and or porosity. 
                    -------------------------------------------------------- 
 shot hole           a shallow borehole in which a small amount of 
                      explosive is detonated in order to generate a 
                      seismic signal 
                    -------------------------------------------------------- 
 swabbing,           a basic testing procedure using an array of rubber 
  swab test           swabbing cups attached to heavy wireline within 
                      production tubing. When the swabbing cups are 
                      moved repeatedly upwards this creates a suction 
                      or basic pumping effect in the tubing which can 
                      reduce/unload the head of fluids adjacent to the 
                      reservoir which can induce inflow from the formation 
                      into the well. Swabbing was used at UKOG's Horse 
                      Hill field in 2016 to induce flow from both the 
                      Kimmeridge and Portland zones. 
                    --------------------------------------------------------

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

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