TIDMUKOG
RNS Number : 5815U
UK Oil & Gas PLC
07 April 2021
UK Oil & Gas PLC
("UKOG" or the "Company")
Turkish Energy Ministry grants formal drilling consent for
Basur-3 appraisal well
UK Oil & Gas PLC (London AIM: UKOG) is delighted to announce
that the Turkish Ministry of Energy and Natural Resources
("Ministry") has granted UKOG Turkey and Aladdin Middle East formal
consent to drill the forthcoming Basur-3 appraisal well, located in
the Resan licence AR/AME-UKO/K/M47-b1, b2 ("Licence"). UKOG Turkey,
a wholly owned UKOG subsidiary, has a 50% interest in the Licence,
which contains the potentially significant Basur-Resan oil
discovery.
The Ministry's permission, dated 2(nd) April 2021, follows the
partnership's 1(st) April 2021 submission of the required
Pre-Activity Information Form (Annexe-50) and Drilling Programme.
The consent requires the Ministry to be notified 5-days prior to
the actual spud date of Basur-3.
Drilling pad and access road construction works continue to
progress ahead at good pace with completion expected by end
May.
As detailed in the Company's announcements of 14(th) October
2020, January 15(th) and 23(rd) March 2021, Basur-3 is the first
key step towards establishing the commerciality of the Basur-Resan
Mardin oil pool, calculated to contain potentially transformational
discovered recoverable oil resources (see: glossary below and
Turkey presentations of January 15(th) and 23(rd) March 2021 on
https://www.ukogplc.com ).
Stephen Sanderson UKOG's Chief Executive commented:
"The speedy grant of drilling consent from the Turkish
government further illustrates how oil and gas projects can be
pushed ahead more rapidly and with more certainty in Turkey than in
the UK onshore, a key enabler for value creation and preservation.
We commend our partner Aladdin Middle East's efforts in this
respect."
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 941493
WH Ireland Ltd (Nominated Adviser
and Broker)
James Joyce / James Sinclair-Ford Tel: 020 7220 1666
Communications
Brian Alexander Tel: 01483 941493
Glossary
discovered recoverable those quantities of discovered petroleum estimated,
volumes/resources as of a given date, to be recoverable from
( or contingent a known accumulation, but where the project
resources) is not yet considered proven for commercial
development due to one or more contingencies.
In the case of Basur-Resan the contingency
being confirmation that a well can recover
a commercial volume at commercially viable
rates, a normal appraisal stage uncertainty.
Discovered resources are further categorised
in accordance with the level of certainty associated
with the estimates and may be sub-classified
based on project maturity and/or characterised
by their economic status. Should the Basur-Resan
appraisal programme confirm commerciality,
it is expected that resources would convert
into reserves (see reserves definition below)
discovery 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
------------------------------------------------------
reserves those quantities of petroleum anticipated to
be commercially recoverable by application
of development projects to known accumulations
from a given date forward under defined conditions.
Reserves must further satisfy four criteria:
they must be discovered, recoverable, commercial,
and remaining (as of the evaluation date) based
on the development project(s) applied. Reserves
are further categorised in accordance with
the level of certainty associated with the
estimates (i.e., Proven, Probable and Possible)
and may be sub-classified based on project
maturity and/or characterised by development
and production status
------------------------------------------------------
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
Resan plus further
Turkey expl. prospects.
(2, 3, M-47-b1, UKOG Turkey Aladdin Middle Drilling planned
8) b2 50% Ltd East 305 in 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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END
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