UK Oil & Gas plc (London AIM: UKOG) is pleased to announce that Aladdin Middle East, the Pinarova-1 operator, has advised that the resumption of testing operations within the Germik/Hoya sequence, utilising larger and more powerful 7-inch perforating guns, capable of fully penetrating the well’s 9?-inch casing, is expected in around 4 weeks once the guns are on site.
Testing will cover the section where strong oil odours at surface were recorded over a 12-hour period during drilling and mobile light oil was recovered from the mud pit. Subsequent geochemical analysis revealed that the Pinarova mud pit oil is near identical to and from the same source rock as the 42? API seismic shot hole oil seep, located around 1.5 km to the west.
UKOG holds a 50% non-operated interest in Pinarova-1 and the surrounding 305 km² Resan licence, which also includes the as yet undeveloped Basur-1 light oil discovery.
Qualified Person’s Statement
Matt Cartwright, UKOG’s Commercial Director, who has 40 years of relevant experience in the global petroleum industry, has approved the information contained in this announcement. Mr Cartwright is a Chartered Engineer and member of the Society of Petroleum Engineers.
