TIDMUKOG
RNS Number : 5149C
UK Oil & Gas PLC
21 June 2021
UK Oil & Gas PLC
("UKOG" or the "Company")
Turkey Basur-3 drilling rig mobilised to site
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce
that following completion of the Basur-3 appraisal well's drilling
pad and finalisation of the rig contract, the Oceanmec Karahan
ZJ40DZ rig has now been mobilised to the site from western Turkey.
As of 2359 hrs on Saturday 19(th) June, 38 related loads had been
received at site. The rig-up and rig-acceptance stage is expected
to continue throughout the coming week with an expected drilling
start shortly afterwards.
Basur-3 will be the first modern well designed to properly
appraise and assess the extent and commercial viability of the
discovered Basur-Resan oil pool. The well will test the
north-western structural culmination of the 60 km(2) Basur-Resan
geological structure, approximately 1.2 km north and geologically
updip from the 1964 Basur-1 oil discovery well.
As detailed in the Company's 14 October 2020 and 15 January 2021
releases, Basur-1 produced 500 barrels of oil from a short 6-hour
test. Further wells drilled in the 1950s to the southwest within
the Resan area of the structure reported good oil shows at
comparable depths to those at Basur, with one well recovering live
oil to surface.
It should be noted that the data quality, record keeping and
operational practices employed in Basur-Resan's 1950s-60s wells are
considered poor by modern standards, hence the necessity for new
21(st) century data acquisition and knowledge to properly assess
the discovery's overlooked potential.
Further operational updates will be issued in due course after
drilling has commenced.
UKOG Turkey Ltd holds a 50% interest in Basur-3 and the
surrounding 305 km(2) Resan M47-b1,b2 licence.
A selection of the latest site photographs will be made
available on the Company's website:
https://www.ukogplc.com
Stephen Sanderson UKOG's Chief Executive commented:
"This welcome news is yet further confirmation that the pace of
operations is far more rapid in Turkey than the UK, taking only 3
months from the start of site construction to the arrival of the
drilling rig. We look forward to rig acceptance and to drilling the
first well in our planned Turkish campaign."
Qualified Person's Statement
Matt Cartwright, UKOG's Commercial Director, who has 37 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
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
oil pool a subsurface oil accumulation existing within
a single geological reservoir unit. Note that
an oil field can consist of one or more oil
pools or distinct reservoirs within a single
large accumulation.
----------------------------------------------------
oil shows the presence of live oil in rock cuttings recovered
to surface whilst drilling
----------------------------------------------------
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
plus further
Resan expl. prospects.
Turkey Drilling planned
(2, 3, M-47-b1, UKOG Turkey Aladdin Middle in Summer
8) b2 50% Ltd East 305 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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