Uk Oil & Gas Share Discussion Threads

[1347] 11/1/2023 15:09

Yes idriveajag a stacked oil flow that's cheap to drill that wasn't their original target, nor their second or third target and which has been missed for the last 50 odd years, even by experienced Turkish Oilers in that location. Yeah, seems nailed on that does....

[sharetalk] 11/1/2023 14:48

UKOG
Turkey: Operational Update & New Pinarova-1 well
11/1/2023




Further to the analysis of the Q3 2022 Phase 2 Seismic Programme UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the Resan JV (UKOG 50% working interest) has identified and plans to drill in Q1 2023, a new potential shallow oil accumulation, Pinarova, of some 9 km(2) areal extent, located 6 km north of the Basur-1 oil discovery. The new Pinarova-1 well is designed to test a working hypothesis, supported by well and seismic data, that the active (41.7˚API) light oil seep found last summer in a seismic shot hole (see RNS of 30 June 2022) above the Pinarova structure, is directly fed by and connected to an underlying light oil accumulation within Eocene Hoya group limestones, 300-645m below surface.

The presence of movable oil within Pinarova is indicated by results of the 2018 Kezer-1 shallow geothermal well, located near the apex of the Pinarova geological feature. Kezer-1 reported strong oil shows throughout the Hoya and flowed heavily oil-cut fluids to surface on a short open-hole geothermal test. Kezer-1 was deemed unsuitable for geothermal purposes and abandoned. Both new and legacy seismic data also show a series of vertically stacked seismic amplitude anomalies within the core of Pinarova's Hoya structure, possibly directly indicating hydrocarbons and/or the development of good reservoir within the Hoya.

The Company and its joint partner Aladdin Middle East ("AME") consider Pinarova to offer similar potential success case outcomes to a Basur-4 appraisal well, but at a much lower drilling cost (c. $0.66 million gross versus c. $4.12 million gross) and with a shorter time to execution and delivery.

Pinarova-1 will, therefore, be designed to test if light oil is present in commercially viable saturations and quantities within the Hoya and, if successful, will be completed as a pumped oil production well. If successful, Pinarova-1 would likely be followed by a Pinarova-2 well and/or a Basur-4 appraisal well drilled from a new site west of Basur-1 (see below).

Basur oil discovery update

Analysis of the new Phase 2 seismic data also supports the directors' belief that the Basur structure extends more westwards than first mapped and can now be better appraised from a newly identified site, 1 km west of the Basur-1 oil discovery. The new site will enable the core of the Basur discovery to be reached and appraised with reduced horizontal deviation than from the Basur-3 site, and without the need to drill through the major NW-SE thrust fault zone immediately to the south. The new location thus removes the potential lost circulation, stuck pipe and significant cost overrun risks associated with drilling through the heavily fractured limestones within the thrust-fault zone. The new site will, however, require a new pad and longer access track to be constructed.

Stephen Sanderson, Chief Executive, commented:

"Pinarova's prospectivity, potential success case volumes and modest drilling costs make it an attractive short-fuse project worth pursuing. We are actively supporting our operator AME to get Pinarova-1 drilled as soon as practicable in 2023 and, if successful, either Pinarova-2 and/or a Basur-4 appraisal well drilled from a new site 1 km west of the Basur-1 discovery."

Qualified Person's Statement

Matt Cartwright, UKOG's Commercial Director, who has 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 member of the Society of Petroleum Engineers.

[iammrweald] 11/1/2023 14:40

1347..London laundromat lol!
So,ukog are throwing in their 'hope Peter can pay Paul gameplan to keep the lights on.like most casinos on Aim, its cash in v phut.no change there then.

[bionicdog] 11/1/2023 14:08

Hilarious.

[gizmogizmo] 11/1/2023 13:44

🤔 Your words not mine DOG 🐕.

[gizmogizmo] 11/1/2023 13:43

So thats why you post all the time you sad lonely bionicDOG.

[idriveajag] 11/1/2023 13:41

Or they could make a commercial discovery at Pinarova and be in commercial production in March/April. Oil already found in nearby and they are now drilling a stacked oil target.

[1347] 11/1/2023 13:26

So a company that has never drilled a successful well in all of ShareCoin Sanderson's tenure will now hit the jackpot on this latest rainbow location that recently appeared out of the Turkish fog? This seems unlikely to me, but who knows, even useless lying clowns can get to be PM these days in the banana monarchy.

More likely is that it's being driled at Pinarova as they don't have the funds for a drill at Basur-3S or Basur-4 (~$4 million) as the money they raised for it (twice) has been peed up the wall by Sanderson. Let's be clear, they were supposed to pay for 5 wells in Turkey plus one at Horse Hill this year plus drill at Loxley (no white knight has appeared there yet). If they don't drill they will lose the licences and they can't afford to drill, other than this cheapo one, without a signnificant fund raise. It's Catch-22, no money to drill and without a successful drill not enough revenue to even fund lifestyle directors for too much longer.

Still it's up to you mugs, I'm sure the Barrow Boys at the London Laundromat will be more then happy to take your money in exchange for yet more confetti, but I'll not be joining you in throwing good money after bad.

[bionicdog] 11/1/2023 13:14

Quite right. Only people who make things up should be allowed to post.

[gizmogizmo] 11/1/2023 13:02

Normal b!tchy reply from the DOG.
Typical doom and gloom deramper.
Bet his jack4691 b!tch will appear soon enough LOL.

[bionicdog] 11/1/2023 12:55

Nasty ones I'd imagine.

[lenigas] 11/1/2023 12:42

They will hit oil in this well. That's a no brainer. Question is how much. I got a good feeeeling about this. These UKOG's should hopefully go back to 0.1p plus when they spud in a few weeks. Then 0.2 plus to 0.3p plus if the well hits good oil. Great thing about Turkish oil is that the NIMBY brigade don't exist and new products ring wells can go straight into production. Plus 40 API oil is better quality than Brent. I also reckon Steve S might have a few U.K. surprises for us all.

[iammrweald] 11/1/2023 12:41

Kemche, you been away spending your ukog winnings?!

[1347] 11/1/2023 12:25

UKOG are so hopeless that they can't even stick to the plan as announced on 3rd February 2022.

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.

They got the seismic date in April 2022 so why are they drilling this other well now, it's because the other one costs more and they don't have the funds for it do they?

[kemche] 11/1/2023 12:25

I am buying the spike.

GLA STHers!

Whoosh!

VIVA!!!!!

[michelle74] 11/1/2023 12:17

Oil no way

[jammydodger2] 11/1/2023 12:05

The clue is in;

"Kezer-1 geothermal well
strong oil shows in Hoya + heavily oil cut fluids on short open-hole geothermal test"

[gizmogizmo] 11/1/2023 11:52

Previously a geo thermal well drill exposed oil which was not expected.
BUYS coming in atm.👍

[patio58] 11/1/2023 11:31

Oh look! A thread with most posters filtered. Sad little people! Onwards and Upwards!

[bionicdog] 11/1/2023 11:24

Surely not!

[riskyinvestor] 11/1/2023 11:23

Another AIM DUD

Lifestyle company

[bionicdog] 11/1/2023 11:18

That JV must be due soon.

[iammrweald] 11/1/2023 11:14

I assume you mean 0.07p?

[1347] 11/1/2023 11:13

The company is losing money hand over fist, go read the accounts, if you can't understand them ask your carer to explain things. UKOG don't have the funds for the original drill (as advised by the seismics) let alone the one at Loxley, or the one that they are supposed to drill at Horse Hill) so they are doing a cheapo Wild Turkey Chase rainbow drill. In my view this is is failed company, it's as simple as that.