UK Oil & Gas PLC (UKOG.L) Turkey: Basur-3 drilling update #3

UK Oil & Gas PLC (London AIM: UKOG) has been informed by Aladdin Middle East (“AME”), the operator of the Basur-3 (“B-3”) appraisal well (UKOG 50% interest).

That the rig has performed a successful recovery or ‘fishing’ operation to free a directional drilling assembly stuck in its 12¼” hole section and return it safely back to surface. The incident occurred after the well had made good progress, reaching a drilled depth immediately above the Garzan and Mardin target objectives, which remain untested.

AME now advise that in order to achieve the well’s primary objective of appraising the Basur-1 oil discovery, a deviated mechanical sidetrack, B-3s, is now planned to test the Garzan and Mardin targets, the existing 12¼” hole section being considered unsuitable for onwards drilling.

As the joint venture’s new seismic acquisition is scheduled to commence in August 2021, AME have advised that to ensure the sidetrack is optimally located, they plan to pause any drilling until after the acquisition and processing of the new seismic data over the sidetrack’s envisaged trajectory.

Sufficient funds are available to deliver the sidetrack and seismic.

AME have almost 60 years of operational drilling experience in the naturally fractured and tectonically stressed rocks of SE Turkey. Since AME’s discovery of the nearby look alike E. Sadak field in late 2013, they have successfully drilled 12 wells plus 3 sidetracks in the field.

As per the Company’s release of 1st July 2021, the Basur-3 oil appraisal well is located within the north-western structural culmination of the 60 km² Basur-Resan anticlinal structure, with a surface location approximately 1.2 km north of the 1964 Basur-1 oil discovery well. As previously reported on 14 October 2020, 15 January 2021, 21 June 2021, Basur-1 flowed oil to surface at encouraging rates over a 6-hour test period.

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

Chief Executive Stephen Sanderson commented:

“Clearly the unforeseen delay in delivering the Basur appraisal objective is disappointing, but we remain pleased by AME’s exemplary performance in resolving the stuck drilling assembly situation. We concur with AME that the most prudent course of action is to pause commencing the sidetrack until new modern seismic can be incorporated to further de-risk drilling and help achieve our objective.”

Qualified Person’s Statement

Matt Cartwright, UKOG’s Commercial Director, who has 38 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.

For further information, please contact:

UK Oil & Gas PLC

Stephen Sanderson / Kiran Morzaria Tel: 01483 900582

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