Share Name Share Symbol Market Type Share ISIN Share Description
Uk Oil & Gas Plc LSE:UKOG London Ordinary Share GB00B9MRZS43 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.275 0.27 0.285 0.00 07:35:34
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.2 -2.3 -0.1 - 34

UK Oil & Gas PLC Formal drilling consent for Basur-3 granted

07/04/2021 7:00am

UK Regulatory (RNS & others)

Uk Oil & Gas (LSE:UKOG)
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RNS Number : 5815U

UK Oil & Gas PLC

07 April 2021

UK Oil & Gas PLC

("UKOG" or the "Company")

Turkish Energy Ministry grants formal drilling consent for Basur-3 appraisal well

UK Oil & Gas PLC (London AIM: UKOG) is delighted to announce that the Turkish Ministry of Energy and Natural Resources ("Ministry") has granted UKOG Turkey and Aladdin Middle East formal consent to drill the forthcoming Basur-3 appraisal well, located in the Resan licence AR/AME-UKO/K/M47-b1, b2 ("Licence"). UKOG Turkey, a wholly owned UKOG subsidiary, has a 50% interest in the Licence, which contains the potentially significant Basur-Resan oil discovery.

The Ministry's permission, dated 2(nd) April 2021, follows the partnership's 1(st) April 2021 submission of the required Pre-Activity Information Form (Annexe-50) and Drilling Programme. The consent requires the Ministry to be notified 5-days prior to the actual spud date of Basur-3.

Drilling pad and access road construction works continue to progress ahead at good pace with completion expected by end May.

As detailed in the Company's announcements of 14(th) October 2020, January 15(th) and 23(rd) March 2021, Basur-3 is the first key step towards establishing the commerciality of the Basur-Resan Mardin oil pool, calculated to contain potentially transformational discovered recoverable oil resources (see: glossary below and Turkey presentations of January 15(th) and 23(rd) March 2021 on ).

Stephen Sanderson UKOG's Chief Executive commented:

"The speedy grant of drilling consent from the Turkish government further illustrates how oil and gas projects can be pushed ahead more rapidly and with more certainty in Turkey than in the UK onshore, a key enabler for value creation and preservation. We commend our partner Aladdin Middle East's efforts in this respect."

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 941493 
   WH Ireland Ltd (Nominated Adviser 
    and Broker) 
  James Joyce / James Sinclair-Ford    Tel: 020 7220 1666 
  Brian Alexander                      Tel: 01483 941493 


 discovered recoverable   those quantities of discovered petroleum estimated, 
  volumes/resources        as of a given date, to be recoverable from 
  ( or contingent          a known accumulation, but where the project 
  resources)               is not yet considered proven for commercial 
                           development due to one or more contingencies. 
                           In the case of Basur-Resan the contingency 
                           being confirmation that a well can recover 
                           a commercial volume at commercially viable 
                           rates, a normal appraisal stage uncertainty. 
                           Discovered resources are further categorised 
                           in accordance with the level of certainty associated 
                           with the estimates and may be sub-classified 
                           based on project maturity and/or characterised 
                           by their economic status. Should the Basur-Resan 
                           appraisal programme confirm commerciality, 
                           it is expected that resources would convert 
                           into reserves (see reserves definition below) 
 discovery                petroleum accumulation for which one or several 
                           exploratory wells have established through 
                           testing, sampling and/or logging the existence 
                           of a significant quantity of potentially moveable 
 reserves                 those quantities of petroleum anticipated to 
                           be commercially recoverable by application 
                           of development projects to known accumulations 
                           from a given date forward under defined conditions. 
                           Reserves must further satisfy four criteria: 
                           they must be discovered, recoverable, commercial, 
                           and remaining (as of the evaluation date) based 
                           on the development project(s) applied. Reserves 
                           are further categorised in accordance with 
                           the level of certainty associated with the 
                           estimates (i.e., Proven, Probable and Possible) 
                           and may be sub-classified based on project 
                           maturity and/or characterised by development 
                           and production status 

UKOG Licence Interests

The Company has interests in the following UK and international licences:

Asset            Licence      UKOG      Licence Holder      Operator      Area          Status 
                             Interest                                      (km 
Horndean                                  UKOG (GB)       IGas Energy              Field in stable 
 (1)              PL211        10%          Limited            Plc        27.3        production 
-------------              ----------  ---------------  ---------------  -----  --------------------- 
                                          Horse Hill       Horse Hill 
Horse                                    Developments     Developments             Field in stable 
 Hill (1)(,)     PEDL137     85.635%          Ltd              Ltd        99.3        production 
-------------              ----------  ---------------  ---------------  -----  --------------------- 
                                          Horse Hill       Horse Hill 
Horse                                    Developments     Developments             Field in stable 
 Hill (1)(,)     PEDL246     85.635%          Ltd              Ltd        43.6        production 
-------------              ----------  ---------------  ---------------  -----  --------------------- 
Avington                                  UKOG (GB)       IGas Energy             Field temporarily 
 (1)             PEDL070       5%           Limited            Plc        18.3          shut in 
-------------              ----------  ---------------  ---------------  -----  --------------------- 
                                                                                    of Basur-Resan 
                                                                                     oil discovery 
Resan                                                                                plus further 
 Turkey                                                                            expl. prospects. 
 (2, 3,         M-47-b1,                 UKOG Turkey     Aladdin Middle            Drilling planned 
 8)                 b2         50%            Ltd             East        305           in 2021 
-------------              ----------  ---------------  ---------------  -----  --------------------- 
                                                                                      Bridge gas 
Loxley                                                                                discovery, 
 (2, 3,                                   UKOG (234)       UKOG (234)                 BB-1/1z oil 
 7)              PEDL234      100%          Ltd (4)          Ltd (4)      300          discovery 
-------------              ----------  ---------------  ---------------  -----  --------------------- 
                                                                                 Planning application 
Isle                                                                                  for Arreton 
 of Wight                                                                            oil appraisal 
 (2, 3)          PEDL331       95%           UKOG             UKOG        200            well 
-------------              ----------  ---------------  ---------------  -----  --------------------- 


1. Oil field currently in stable production.

2. Oil discovery pending development and/or appraisal drilling.

3. Exploration asset with drillable prospects and leads.

4. Contains the Loxley Portland gas accumulation, the Broadford Bridge-1/1z Kimmeridge oil discovery, plus further undrilled Kimmeridge exploration prospects.

5. Portland and Kimmeridge oil field with productive and commercially viable zones, HH-1 in stable oil production, production planning consent granted in September 2019, long-term production consent granted in March 2020.

   6.   UKOG has a direct 77.9% interest in HHDL, which has a 65% interest in PEDL137 and PEDL246. 
   7.   Gas discovery pending appraisal drilling and development with underlying Kimmeridge potential 

8. High-impact oil appraisal project with an upside OIP range of 150-500 mmbbl gross with expected recovery factors of 10-20% of OIP

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014

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(END) Dow Jones Newswires

April 07, 2021 02:00 ET (06:00 GMT)

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