UK Oil & Gas PLC (UKOG.L) Turkey: Basur-3 Drilling Commences

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that following formal acceptance of the Oceanmec Karahan ZJ40DZ rig at 1700 hrs BST+2, Saturday 26th June, air drilling of Basur-3’s initial 17½ inch diameter hole section commenced at 1818 hrs local time.

Upon completion of the 17½ inch hole section, 13⅝ inch casing is expected to be set and it is anticipated that the well will switch to a water-based mud system for the 12¼ inch section and the remainder of the well.

UKOG Turkey Ltd holds a 50% interest in Basur-3 and the surrounding 305 km² Resan M47-b1,b2 licence.

The Basur-3 appraisal well is the first modern well designed to properly appraise and assess the extent and commercial viability of the Basur-Resan oil pool discovered in the 1950s-1960s. Its primary objectives are the naturally fractured and dolomitised limestone rocks of the Cretaceous age Garzan and Mardin Formations, which are productive at our partner Aladdin Middle East’s E. Sadak oil field, whose western edge is some 20 km to the southeast and along the same geological anticlinal trend.

The well is expected to test the north-western structural culmination of the 60 km² Basur-Resan geological anticlinal structure, approximately 1.2 km north and geologically updip from the 1964 Basur-1 oil discovery well which, as previously reported on 14 October 2020, 15 January 2021 and 21 June 2021, flowed oil to surface at encouraging rates over a 6 hour test period.

Further operational updates will be issued in due course.

A selection of the latest site photographs will be made available on the Company’s website:

https://www.ukogplc.com

Stephen Sanderson, UKOG’s Chief Executive, commented:

“The start of Basur-3 drilling is a landmark milestone for UKOG Turkey and the Company.”

Qualified Person’s Statement

Matt Cartwright, UKOG’s Commercial Director, who has over 36 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.


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