Turkey: Phase 1 seismic acquisition completed

RNS Number : 2308A

UK Oil & Gas PLC

01 February 2022

 

UK Oil & Gas PLC

("UKOG" or the "Company")

Turkey: Phase 1 seismic acquisition completed

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that its planned 2D seismic acquisition over the target area and trajectory of the proposed Basur-3 ("B-3") mechanical sidetrack ("B-3S") is now complete. Drilling of B-3S is scheduled to commence upon receipt and interpretation of fast-track seismic processing results, currently expected within the first quarter of 2022.

As announced in December 2021, together with its 50% partner and operator, Aladdin Middle East Ltd ("AME"), the Company has prioritised 55 kms of fast-track acquisition and processing to better define and optimise the B-3S drilling trajectory, plus a proposed Resan-6 drilling location. Data processing of the first phase by BGP in Abu Dhabi is now underway.

Whilst the planned remainder of the survey, totalling up to a further six lines, will be important for the purposes of better defining the subsurface picture of the wider Basur-Resan geological structure and licence area, they are not envisaged to have a bearing on B-3S or Resan-6 drilling plans or operations. On this basis, this second phase of seismic acquisition has thus been paused whilst focus and resources are directed firmly towards drilling and the establishment of an inaugural producing well on the licence.

Detailed operational planning for B-3S is well advanced and a selection process for prospective drilling rig contractors is underway. Sufficient funds remain available to deliver the planned sidetrack and seismic programme.

B-3S is located within the north-western structural culmination of the 60 km² Basur-Resan geological anticline, with a surface location approximately 1.2 km north of the 1964 Basur-1 oil discovery well. UKOG's wholly owned subsidiary, UKOG Turkey Ltd, holds a 50% non-operated interest in B-3 and the surrounding 305 km² Resan M47-b1, b2 licence.

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.

Stephen Sanderson, UKOG's Chief Executive commented:

"Concluding the first tranche of our seismic programme, specifically geared to optimise the drilling trajectories of both the B-3S and Resan-6 appraisal wells, marks an important milestone for our Turkish assets as we continue to push towards establishing first production from Basur-Resan. We look forward to the receipt of new processed data and the resultant recommencement of drilling operations."

For further information, please contact:

UK Oil & Gas PLC
Stephen Sanderson / Matt Gormley / Allen D Howard	Tel: [phone]
WH Ireland Ltd  (Nominated Adviser and Broker)
James Joyce / Andrew de Andrade	Tel: [phone]
Communications
Brian Alexander	Tel: [phone]

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