UK Oil & Gas PLC (AIM:UKOG) Turkey: Pinarova-1 Testing Latest

UK Oil & Gas plc (London AIM: UKOG) is pleased to announce that the Pinarova joint venture’s order of more powerful 7-inch perforating guns, capable of fully penetrating Pinarova’s 9⅝-inch casing, arrived in-country last week via airfreight into Istanbul. Upon completion of the necessary preparations/paperwork the guns will be transported to site, triggering the resumption of testing operations.

The new guns will be deployed over the Germik/Hoya section where strong oil odours at surface were recorded over a 12-hour period during drilling and mobile light oil was recovered from the mud pit (see RNS of 22nd September 2023).

Geochemical analysis demonstrates that the Pinarova mud pit oil is near identical to and from the same source rock as the 42˚ API seismic shot hole oil seep, located around 1.5 km to the west.

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 40 years of relevant experience in the global petroleum industry, has approved the information contained in this announcement. Mr Cartwright is a Chartered Engineer and member of the Society of Petroleum Engineers.

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