By Josh White
Date: Friday 13 Oct 2023
LONDON (ShareCast) - (Sharecast News) - UK Oil & Gas updated the market on testing operations at the Pinarova-1 well on Friday, with testing set to resume in around four weeks.
The AIM-traded firm said the well's operator, Aladdin Middle East, planned for the next phase of operations to leverage larger, seven-inch perforating guns, ensuring thorough penetration of the well's nine-and-five-eighths inch casing during the testing of the Germik-Hoya sequence.
It said the resumed testing was planned after initial findings showed a discernible presence of oil during the drilling process, where strong oil odours were detected at the surface over a 12-hour duration, and mobile light oil was successfully extracted from the mud pit.
Those promising signs led to a geochemical analysis, which affirmed the oil's origin and demonstrated that it mirrored the 42-degree API seismic shot hole oil seep 1.5 kilometres west of the current site.
"UKOG holds a 50% non-operated interest in Pinarova-1 and the surrounding 305 square kilometre Resan licence, which also includes the as yet undeveloped Basur-1 light oil discovery," the company confirmed.
At 1428 BST, UK Oil & Gas shares were down 0.66% at 0.03p.
Reporting by Josh White for Sharecast.com.
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Currency | UK Pounds |
Share Price | 0.026p |
Change Today | 0.002p |
% Change | 6.25 % |
52 Week High | 0.76 |
52 Week Low | 0.023 |
Volume | 42,233,897 |
Shares Issued | 3,660.96m |
Market Cap | £0.93m |
Value |
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Price Trend |
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Income |
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Growth |
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No dividends found |
Time | Volume / Share Price |
11:20 | 15,000 @ 0.024p |
11:07 | 1,345,991 @ 0.026p |
10:13 | 2,662,962 @ 0.026p |
09:47 | 3,763 @ 0.024p |
09:47 | 206 @ 0.027p |
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