UK Oil & Gas PLC Turkey: Pinarova-1 Testing Update (3383A)
23 May 2023 - 6:06PM
UK Regulatory
TIDMUKOG
RNS Number : 3383A
UK Oil & Gas PLC
23 May 2023
UK Oil & Gas PLC
("UKOG" or the "Company")
Turkey: Pinarova-1 Testing Update
UK Oil & Gas PLC (London AIM: UKOG) announces that the
Company and Aladdin Middle East, the Pinarova-1 operator, have
jointly decided to temporarily suspend testing operations pending
access to larger, more powerful, 7-inch perforating guns, capable
of fully penetrating Pinarova's 95/8-inch casing and cement. The
decision results from analysis of downhole pressure gauge data from
testing operations, which indicates that the 4.5-inch perforating
guns used have been unable to establish direct contact with the
formation through the casing and cement.
Consequently, to date, tests have not yet been able to assess
the potential of the zones associated with the 12 hours of strong
crude oil odour and oil at surface as previously reported on May
3(rd) , 2023.
AME had previously advised that the 4.5-inch perforating guns
were the largest available in-country and are now working with the
sole licenced perforating gun provider in our operational area of
SE Turkey to source the required equipment.
A further update will follow when the date of testing operation
resumption becomes clear.
As per the RNS of May 3(rd) , the geochemical analysis of
samples of Pinarova oil collected from the mud pit, the nearby
seismic shot-hole seep and from East Sadak-12's Beloka/Mardin
reservoir, proceeds ahead via laboratories in the UK and
Norway.
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 lying within the Germik and/or Hoya limestones.
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.
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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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