TIDMUKOG
RNS Number : 1427H
UK Oil & Gas PLC
02 August 2021
UK Oil & Gas PLC
("UKOG" or the "Company")
Turkey: Basur-3 drilling update #3
UK Oil & Gas PLC (London AIM: UKOG) has been informed by
Aladdin Middle East ("AME"), the operator of the Basur-3 ("B-3")
appraisal well (UKOG 50% interest) that the rig has performed a
successful recovery or 'fishing' operation to free a directional
drilling assembly stuck in its 12 1/4 " hole section and return it
safely back to surface. The incident occurred after the well had
made good progress, reaching a drilled depth immediately above the
Garzan and Mardin target objectives, which remain untested.
AME now advise that in order to achieve the well's primary
objective of appraising the Basur-1 oil discovery, a deviated
mechanical sidetrack, B-3s, is now planned to test the Garzan and
Mardin targets, the existing 12 1/4 " hole section being considered
unsuitable for onwards drilling.
As the joint venture's new seismic acquisition is scheduled to
commence in August 2021, AME have advised that to ensure the
sidetrack is optimally located, they plan to pause any drilling
until after the acquisition and processing of the new seismic data
over the sidetrack's envisaged trajectory.
Sufficient funds are available to deliver the sidetrack and
seismic.
AME have almost 60 years of operational drilling experience in
the naturally fractured and tectonically stressed rocks of SE
Turkey. Since AME's discovery of the nearby look alike E. Sadak
field in late 2013, they have successfully drilled 12 wells plus 3
sidetracks in the field.
As per the Company's release of 1(st) July 2021, the Basur-3 oil
appraisal well is located within the north-western structural
culmination of the 60 km(2) Basur-Resan anticlinal structure, with
a surface location approximately 1.2 km north of the 1964 Basur-1
oil discovery well. As previously reported on 14 October 2020, 15
January 2021, 21 June 2021, Basur-1 flowed oil to surface at
encouraging rates over a 6-hour test period.
UKOG Turkey Ltd holds a 50% non-operated interest in the
surrounding 305 km(2) Resan M47-b1, b2 licence.
Chief Executive Stephen Sanderson commented:
"Clearly the unforeseen delay in delivering the Basur appraisal
objective is disappointing, but we remain pleased by AME's
exemplary performance in resolving the stuck drilling assembly
situation. We concur with AME that the most prudent course of
action is to pause commencing the sidetrack until new modern
seismic can be incorporated to further de-risk drilling and help
achieve our objective."
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 900582
W H Ireland Ltd (Nominated Adviser and Broker)
James Joyce / James Sinclair-Ford Tel: 020 7220 1666
Communications
Brian Alexander Tel: 01483 900582
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.
---------------------------------------------------------------
naturally fractured rocks containing natural cracks or fissures caused
rocks by geological stresses; fractures can significantly
enhance the permeability of rocks by connecting
pores together to form enhanced fluid pathways.
---------------------------------------------------------------
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.
---------------------------------------------------------------
sidetrack A secondary wellbore drilled away from the original
hole. The sidetrack utilises the existing well's
casing down to the point where the sidetrack must
commence in order to reach the target.
---------------------------------------------------------------
tectonic stress natural compressive and extensional stresses within
the earth's crust created by the juxtaposition
and or collision of tectonic plates. In the case
of SE of SE Turkey by the collision of the Eurasian/Anatolian
plate with the Arabian plate to form the Zagros-Taurus
mountain belt and associated compressive stress.
---------------------------------------------------------------
UKOG Licence Interests
The Company has interests in the following UK and international
licences:
Asset Licence UKOG Licence Holder Operator Status
Interest Area
(km
(2)
)
Horndean UKOG (GB) IGas Energy Field in
(1) PL211 10% Limited Plc 27.3 stable production
---------- ---------- --------------- --------------- ------ -------------------
Horse Horse Hill Horse Hill
Hill (1) Developments Developments Field in
(,) PEDL137 85.635% Ltd Ltd 99.3 stable production
---------- ---------- --------------- --------------- ------ -------------------
Horse Horse Hill Horse Hill
Hill (1) Developments Developments Field in
(,) PEDL246 85.635% Ltd Ltd 43.6 stable 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
(2, 3, M-47-b1, UKOG Turkey Aladdin Middle planned in
8) b2 50% Ltd East 305 Summer 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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London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
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