UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that acquisition of the Phase 2 seismic programme over its Turkey Resan licence (UKOG 50% interest) has now been successfully completed and the field crew demobilised.
The programme, consisting of four new 2D seismic lines over the possible updip western extent of the Basur-1 oil discovery and Prospect B to the south, was delivered ahead of schedule and under budget. Once the seismic has been processed, final versions received in house, interpreted and a new top reservoir map made, the Company will provide a further update of the results.
The Company will then focus firmly upon the delivery of a new Basur appraisal well, now anticipated to be able to add nearterm oil production to the Company in H1 2023.
It should be noted that Turkey's Petroleum Law enables a successful oil well to be put into full time production within days to weeks of a successful test.
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.