13th Apr 2023 14:51
UK Oil & Gas PLC - London-based oil and gas exploration and production company - Says Pinarova-1 has now reached its planned casing point at 291 metres below surface, several days ahead of schedule. Notes that it is planned to test any zones where "good" live oil shows are encountered prior to reaching the estimated total depth of around 500 to 550 metres. Says 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.
It holds a 50% interest in Pinarova-1, as well as the surrounding 305 square kilometre Resan licence in Turkey.
Current stock price: 0.066 pence, up 9.3% in London on Thursday afternoon.
12-month change: down 45%
By Sophie Rose, Alliance News reporter
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