The UK Oil & Gas PLC (LON: UKOG) share price rose 4.35% after announcing that it had secured the larger and more powerful 7-inch perforating guns available for importation into Turkey. The new guns can penetrate the Pinarova-1's 9⅝-inch casing and cement, allowing operations at the well to resume.
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The company revealed that it was working closely with the Pinarova-1 operator, Aladdin Middle East, to facilitate the delivery of the perforating guns to Turkey. Once the guns are on site, the testing operations on the Pinarova-1 well can resume.
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Testing operations at the Pinarova-1 well had been temporarily suspended in May after the original 4.5-inch perforating guns, the only size guns available in Turkey, failed to establish direct contact with the oil formation.
Therefore, the tests conducted to date have not assessed the potential zones associated with the 12 hours of robust crude oil odour and oil at the surface, which was previously reported on 3 May 2023.
New geochemical analyses by UK/Norway-based APT Ltd indicate that the Pinarova mud-pit oil sample and oil samples from the adjacent shallow seismic shot-hole seep closely match geochemically. Hence, they most likely originate from the same Mesozoic age oil source rock.
Therefore, should the additional testing be positive, the company will consider acquiring a small 3D seismic programme to identify a possible deeper oil pool, seepage/spill, which could most likely be the primary source of both the Pinarova and seep oils.
The Pinarova-1 project is located 6km North of the Basur-1 oil discovery and was designed to test a hypothesis that the active 42˚ 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 lying within the Germik and/or Hoya limestones.
UKOG owns a 50% non-operated interest in Pinarova-1 and the surrounding area, covering about 305 km² of the Resan licence, including the yet-to-be-developed Basur-1 light oil discovery.
UK Oil & Gas (UKOG) share price.
The UK Oil & Gas (UKOG) share price rose 4.35% to trade at 0.0360p, from Thursday’s closing price of 0.0345p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.