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

UK Oil & Gas PLC (AIM: UKOG) is delighted to report that drilling at Pinarova-1 has reached its final depth of 600 meters below the surface. Electric logs have been taken over both the 9⅝ inch cased hole and the 8½ inch open hole section and we are currently waiting for the final log interpretation.

We are now preparing for a conventional selective cased hole flow test operation, which will be carried out after we source suitable perforating guns to run in the 9⅝ inch casing. The uppermost zone from approximately 255-285 meters corresponds to a 12-hour period of strong oil odour at surface, and light c. 38˚ API oil was recovered from fluids returned to the surface from the same depth.

We have sent a sample of the oil recovered from Pinarova, along with samples from the active seismic shot-hole seep and the East Sadak field, for detailed geochemical study. The primary objectives of the study are to determine if the Pinarova oil sample matches the oil from the shot-hole seep, if it’s derived from the same Upper Jurassic source as E. Sadak, or if it has a different origin from shallower Cretaceous origin.

The geochemical results will assist our current investigations into the possibility of a deeper light oil accumulation below the Pinarova area within Cretaceous limestones.

Pinarova-1, located 6 km north of the Basur-1 oil discovery, was designed to test a working hypothesis that the active 41.7˚ API light oil seep found last summer in a seismic shot hole above the Pinarova structure is directly connected to an underlying light oil accumulation of some 9 km² areal extent within the Hoya limestones, which lie between c. 300-645 meters below the surface.

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

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