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Turkey: Pinarova-1 well update
Turkey: Pinarova-1 well update.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \n \n \n UK Oil & Gas PLC\n \n \n \n \n (\"UKOG\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n Turkey: Pinarova-1 well update\n \n \n \n \n \n \n \n \n \n Highlights:\n \n \n \n \n \n \n \n \n ·\n \n Drilling rig secured for new Pinarova-1 shallow oil exploration well\n \n (UKOG 50% interest)\n \n , designed to test shallow Eocene Hoya light oil prospect, of some 9 km² areal extent, 300-645m below surface\n \n \n . Pinarova lies beneath an active light oil seep found last summer in a seismic shot hole,\n \n 6 km north of the Company's Basur-1 oil discovery.\n \n \n \n \n \n ·\n \n Site construction now expected to start in 7-10 days with an estimated duration of around 14-21 days, given good weather.\n \n \n \n \n \n \n \n \n ·\n \n Drilling to a total depth of around 500-550m to directly follow site completion, currently expected around end March to early April 2023. Dependent on outcomes, expected drilling campaign duration up to 28 days.\n \n \n \n \n \n \n \n \n ·\n \n The Company is fully funded to cover its share of the expected $0.4 million gross dry hole and $0.63 gross success case (tested and completed as an oil producer) costs.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n UK Oil & Gas PLC (London AIM: UKOG)\n \n is pleased to announce that the Resan JV (UKOG 50% non-operated interest) having secured a suitable small rig to drill the new Pinarova-1 shallow oil exploration well, now expects to commence site construction within the next 7-10 days. Site construction is expected to take approximately 14-21 days and, consequently, given no weather-related construction delays, drilling to a total depth of around 500-550m is expected to commence directly after site completion towards the end of March to early April 2023. The Pinarova-1 campaign is expected to take up to 28 days to deliver a well completed for future oil production.\n As per the Company's 11th January 2023 release, Pinarova-1, located 6 km north of the Basur-1 oil discovery, 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 above the Pinarova structure (see RNS of 30 June 2022), is directly fed by and connected to an underlying light oil accumulation of some 9 km² areal extent within Eocene H...