UKOG Granted Formal Drilling Consent for Basur-3

Source: www.gulfoilandgas.com 4/7/2021, Location: Europe

UK Oil & Gas PLC (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 2nd April 2021, follows the partnership's 1st 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 14th October 2020, January 15th and 23rd 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.

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.


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