UK Oil & Gas PLC is pleased to announce that Pinarova-1 has now reached its planned 9? inch casing point at 291 metres below surface, several days ahead of schedule. After running and cementing casing, drilling of 8˝ inch diameter hole down through the Hoya target will commence. It is planned to test any zones where good live oil shows are encountered prior to reaching the estimated total depth of around 500-550 metres. UKOG's geologist remains on site to help describe Hoya reservoir geology and to identify any live oil to surface in drilling cuttings and/or mud.
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, is directly fed by and connected to an underlying light oil accumulation of some 9 km˛ areal extent within Eocene Hoya group limestones, lying around 300-645 metres below surface (see RNS of 11th January 2023 and 30th June 2022).
UKOG holds a 50% non-operated interest in Pinarova-1 and the surrounding 305 km˛ 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 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.