UK Oil & Gas PLC (AIM:UKOG) Turkey: Pinarova-1 oil shows & testing

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that after drilling ahead within the target Eocene Hoya limestone sequence, Pinarova-1 encountered oil shows in drill cuttings from 358 to 400 metres drilled depth.

The onset of oil shows also corresponds with observed drilling fluid losses, potentially indicating permeability development within the Hoya reservoir. Given these encouraging observations, it has been decided to conduct open hole swabbed flow testing over the zone between 293 and 400 metres drilled depth. Preparations for testing operations are underway.

Following testing operations, which are expected to run over the coming weekend, drilling is planned to continue through the underlying zone lying coincident with the uppermost and strongest seismic amplitude anomaly observed within Pinarova’s core. As per the Company’s RNS of 11th January 2023, the seismic anomaly may indicate the presence of moveable hydrocarbons and or good Hoya reservoir development and is therefore a key drilling and testing objective.

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 the Hoya limestones, lying between c. 300-645 metres below surface.

It should be noted that the end of Ramadan, Eid al Fitr, occurs tonight, Friday 21st April 2023, and may affect operational timings over the coming weekend.

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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