UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that it is preparing to transport its wholly owned casing stocks to Turkey for use in the forthcoming Basur-3 (“B-3”) mechanical sidetrack (“B-3S”). Use of UKOG’s casing in B-3S will reduce the Company’s net drilling cost and capital expenditure requirements, as well as removing further storage costs.
Drilling of B-3S is scheduled to commence upon receipt and interpretation of fast-track seismic processing results, currently expected within the first quarter of 2022. First processing priority has been given to Line 3, running directly along the planned B-3S trajectory.
Stephen Sanderson, UKOG’s Chief Executive commented:
“Our strategy at Basur-Resan centres around the cost effective and timely establishment of an inaugural producing well within the licence. Consequently, to ensure drilling commences as soon as possible, we continue to advance drilling preparations concurrently with Phase 1 fast track seismic processing. Drilling can then commence directly after the processed data has been received and interpreted.”
For further information, please contact:
UK Oil & Gas PLC
Stephen Sanderson / Matt Gormley / Allen D Howard
Tel: 01483 941493
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