UK Oil & Gas PLC – Turkey: Pinarova-1 Testing Update

UK Oil & Gas PLC (London AIM: UKOG) has made an announcement regarding the temporary suspension of testing operations in collaboration with Aladdin Middle East, the operator of Pinarova-1.

This decision is due to the need for larger and more powerful 7-inch perforating guns, capable of fully penetrating the 9⅝-inch casing and cement of Pinarova. The analysis of downhole pressure gauge data from the testing operations revealed that the 4.5-inch perforating guns previously used were unable to establish direct contact with the formation through the casing and cement.

As a result, the testing conducted thus far has been unable to assess the potential of the zones associated with the strong crude oil odour and oil observed at the surface for a duration of 12 hours, as reported on May 3rd, 2023.

Aladdin Middle East had previously informed that the 4.5-inch perforating guns were the largest available in the country. They are now working with the only licensed provider of perforating guns in our operational area of SE Turkey to procure the necessary equipment.

Further updates will be provided once the resumption date for testing operations becomes clear.

As mentioned in the RNS of May 3rd, geochemical analysis of Pinarova oil samples collected from the mud pit, the nearby seismic shot-hole seep, and the Beloka/Mardin reservoir of East Sadak-12, is progressing through laboratories in the UK and Norway.

Pinarova-1, situated 6 km north of the Basur-1 oil discovery, was designed to test the working hypothesis, supported by well and seismic data, that the active 41.7˚ API light oil seep discovered last summer in a seismic shot hole above the Pinarova structure is directly connected to an underlying light oil accumulation within the Germik and/or Hoya limestones.

UKOG holds a 50% non-operated interest in Pinarova-1 and the surrounding 305 km² Resan license, which also includes the undeveloped Basur-1 light oil discovery.

Qualified Person’s Statement:

Matt Cartwright, UKOG’s Commercial Director, with 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 a member of the Society of Petroleum Engineers.

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