UK Oil & Gas PLC Turkey: Pinarova-1 drilling ahead (4099X)
25 April 2023 - 9:13PM
UK Regulatory
TIDMUKOG
RNS Number : 4099X
UK Oil & Gas PLC
25 April 2023
UK Oil & Gas PLC
("UKOG" or the "Company")
Turkey: Pinarova-1 drilling ahead
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce
that following completion of an initial 107 metre open hole swab
test over the uppermost Hoya limestones, Pinarova-1's secondary
target, the rig is now preparing to drill 8 1/2 inch hole ahead
into the underlying primary Hoya objective. The top of the primary
target is coincident with the uppermost and strongest of a series
of seismic amplitude anomalies observed within the core of the
Pinarova geological structure. Drilling is expected to resume on
Wednesday 26(th) April.
Initial swab test results are inconclusive, neither confirming
nor wholly refuting whether the oil shows seen from 358 metres
downwards represent an oil pay zone. Swabbing the 107-metre open
test zone initially returned only drilling fluids which then became
cut with possible formation water during the latter stages of
testing. The water ingress recovered may possibly be derived from
fractured limestones either above or below the zone corresponding
to the onset of oil shows. However, by its nature, an open hole
test, with no packer set to provide zone isolation, does not permit
the precise location(s) of inflow into a well to be determined.
Consequently, in order to evaluate the oil shows more fully,
after the primary target has been drilled and 550 metre total depth
reached, it is planned to run electric logs to identify oil pay,
followed by cemented 7" casing. This configuration will then enable
definitive conventional selective cased hole tests to be performed,
where any discrete identified oil zones can be perforated and
isolated from any water bearing intervals.
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, which lie between c. 300-645 metres below surface.
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 chips of rock of a few millimetres or smaller
diameter that are produced from the cutting and
grinding action of the drill bit against the rock
formation 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 pay a reservoir or portion of a reservoir that contains
economically producible hydrocarbons. The term
derives from the fact that it is capable of "paying"
an income.
--------------------------------------------------------
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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