Turkey: Basur-3 drilling update

RNS Number : 7539D

UK Oil & Gas PLC

01 July 2021

 

UK Oil & Gas PLC

("UKOG" or the "Company")

Turkey: Basur-3 drilling update #2

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that following completion of the Basur-3 appraisal well's initial 17½ inch diameter hole section, 13⅜ inch casing has now been set, successfully cemented down to a drilled depth of 367 m (1204 ft) below surface and pressure tested. Following setting of blow out preventers, drilling will then resume in 12¼ inch hole section, the base of which is planned to penetrate the Garzan limestone, the first of two target horizons.

The Basur-3 oil appraisal well is located within the north-western structural culmination of the 60 km² Basur-Resan geological anticlinal structure, approximately 1.2 km north of the 1964 Basur-1 oil discovery well which, as previously reported on 14 October 2020, 15 January 2021, 21 June 2021, flowed oil to surface at encouraging rates over a 6 hour test period.

Basur -3 is the first modern well designed to properly appraise and assess the extent and commercial viability of the Basur-Resan oil pool discovered in the 1950s-1960s.

UKOG Turkey Ltd holds a 50% non-operated interest in B-3 and the surrounding 305 km² Resan M47-b1,b2 licence.

A selection of the latest site photographs are available on the Company's website:

https://www.ukogplc.com

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: [phone]#

W   H Ireland Ltd  (Nominated Adviser and Broker)

James Joyce / James Sinclair-Ford  Tel: [phone]

Communications

Brian Alexander                                                                   Tel: [phone]

Glossary

anticline	a domed shape geological structure. Often the anticline's geological expression can be seen at surface where it is expressed as a surface anticline. This is the case at Basur-Resan.
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
limestone	sedimentary rock predominantly composed of calcite (a crystalline mineral form of calcium carbonate or lime) of organic, chemical or detrital origin. Minor amounts of dolomite, chert and clay are common in limestones
oil field	a subsurface oil accumulation existing within a single or multiple geological reservoir unit from which oil is recovered to surface. Note that an oil field can consist of one or more oil pools or distinct reservoirs.
oil pool	a subsurface oil accumulation existing within a single geological reservoir unit.

UKOG Licence Interests

The Company has interests in the following UK and international licences:

Asset	Licence	UKOG Interest	Licence Holder	Operator	Area (km 2 )	Status
Horndean  1	PL211	10%	UKOG (GB) Limited	IGas Energy Plc	27.3	Field in stable production
Horse Hill  ¹, ⁵	PEDL137	85.635%	Horse Hill Developments Ltd  ⁶	Horse Hill Developments Ltd  ⁶	99.3	Field in stable production
Horse Hill  ¹, ⁵	PEDL246	85.635%	Horse Hill Developments Ltd  ⁶	Horse Hill Developments Ltd  ⁶	43.6	Field in stable production
Avington  1	PEDL070	5%	UKOG (GB) Limited	IGas Energy Plc	18.3	Field temporarily shut in
Resan Turkey 2, 3, 8	M-47-b1, b2	50%	UKOG Turkey Ltd	Aladdin Middle East	305	Appraisal of Basur-Resan oil discovery plus further expl. prospects. Drilling planned in Summer 2021
Loxley 2, 3, 7	PEDL234	100%	UKOG (234) Ltd  4	UKOG (234) Ltd  4	300	Loxley/Godley Bridge gas discovery, BB-1/1z oil discovery
Isle of Wight 2, 3	PEDL331	95%	UKOG	UKOG	200	Planning application submitted for Arreton oil appraisal 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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