Finance News Oil & Gas

UKOG becomes debt free

UK Oil & Gas plc has fully repaid the balance of the convertible loan facility with RiverFort Global Opportunities PCC Ltd and YA II PN Ltd. The company, with assets in the UK and Turkey, said it was now debt free. The £2m loan dated from 2023.

Equipment & Logistics News Oil & Gas

UKOG notes arrival of 7-inch perforating guns for Pinarova-1

UK Oil & Gas plc (UKOG) said that 7-inch perforating guns, capable of fully penetrating the joint venture Pinarova-1 well’s 9⅝-inch casing, arrived last week via airfreight in Istanbul. ACCUMULATION Following completion of preparations and paperwork the guns will be transported to site to resume operations on the exploration well.   Pinarova-1 is testing whether […]

Equipment & Logistics News Oil & Gas

UKOG plans cased hole flow test at Pinarova-1

UK Oil & Gas plc (UKOG) plans a conventional cased hole flow test after drilling reached final depth of 600 metres below surface in the Pinarova-1 exploration well in Turkey. OIL ODOUR Pinarova-1, 6km north of the Basur-1 oil discovery, is testing whether the Pinarova structure is directly connected to a 9km² underlying light oil […]

News Oil & Gas

UKOG notes potential for hydrocarbon accumulation at Basur-Resan

UK Oil & Gas plc (UKOG) said that new completed seismic data could indicate a single hydrocarbon accumulation present over the entire 60km² Basur-Resan anticline. BASUR-RESAN The Basur-Resan anticline containing the Basur-1 oil discovery lies within the surrounding 305 km² Resan M47-b1, b2 licence. The company’s wholly owned subsidiary, UKOG Turkey Ltd, holds a 50% […]