UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that construction of Pinarova-1’s drilling pad and access road commenced on schedule over the weekend.
As per the Company’s Pinarova-1 release of 1st March 2023, site construction is expected to take approximately 14-21 days. Given no adverse weather-related construction delays, drilling to a total depth of around 500-550 metres below surface is expected to commence towards the end of March to early April 2023 directly after site completion.
Pinarova-1, located 6 km north of the Basur-1 oil discovery, is designed to test a working hypothesis, supported by well and seismic data, that the active 41.7˚ API light oil seep found last summer in a seismic shot hole above the Pinarova structure, is directly fed by and connected to an underlying light oil accumulation of some 9 km² areal extent within Eocene Hoya group limestones, lying around 300-645 metres below surface (see RNS of 11th January 2023).
UKOG holds a 50% non-operated interest in Pinarova-1 and the surrounding 305 km² Resan licence, which also includes the as yet undeveloped Basur-1 light oil discovery.
Qualified Person’s Statement
Matt Cartwright, UKOG’s Commercial Director, who has 39 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 / Allen D Howard
Tel: 01483 941493
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