UK Oil & Gas PLC Turkey: Pinarova-1 Update (1899Y)
03 May 2023 - 4:00PM
UK Regulatory
TIDMUKOG
RNS Number : 1899Y
UK Oil & Gas PLC
03 May 2023
UK Oil & Gas PLC
("UKOG" or the "Company")
Turkey: Pinarova-1 Update
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce
that Pinarova-1 has reached its final depth of 600 metres below
surface. Electric logs over both the 95/8 inch cased hole and 8 1/2
inch open hole section have been acquired and the delivery of a
final log interpretation is awaited.
Plans are now being made to run a conventional selective cased
hole flow test operation. The proposed uppermost zone, from
approximately 255-285 metres, corresponds to a 12-hour period of
strong oil odour at surface and the recovery of light c. 38˚ API
oil within fluids returned to surface from the same depth. The
sourcing of suitable perforating guns to run in the 95/8 inch
casing is currently underway.
A sample of the oil recovered from Pinarova (as detailed above)
along with samples of the 41.7˚ API oil recovered from the active
seismic shot-hole seep (see RNS of 11th January 2023 and 30th June
2022) and 43˚ API oil from the nearby East Sadak field, have now
also been dispatched to the UK for detailed geochemical study.
The oil study's primary objectives are to determine; a. whether
the Pinarova oil sample matches the oil from the shot-hole seep, b.
whether it's derived from the same general Upper Jurassic source as
E. Sadak or c. it has another origin from shallower Cretaceous
origin. The geochemical results will assist the Company's current
investigations into the possibility that a deeper light oil
accumulation may also exist below the Pinarova area within
Cretaceous limestones.
Pinarova-1, located 6 km north of the Basur-1 oil discovery, was
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDUUURROOUVRUR
(END) Dow Jones Newswires
May 03, 2023 02:00 ET (06:00 GMT)
Uk Oil & Gas (LSE:UKOG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Uk Oil & Gas (LSE:UKOG)
Historical Stock Chart
From Apr 2023 to Apr 2024
