UK Oil & Gas plc (UKOG) said it planned to drill a new 9km2 shallow oil accumulation located 6 km north of the Basur-1 oil discovery in the Resan joint venture licence, Turkey.
PINAROVA
The company holds a 50% interest with Aladdin Middle East (50%) in the project.
UKOG added that analysis of the Q3 2022 Phase II seismic programme led to the discovery of Pinarova where drilling will take place during this quarter.
“The new Pinarova-1 well is designed to test a working hypothesis, supported by well and seismic data, that the active (41.7˚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 within Eocene Hoya group limestones, 300-645m below surface.”
The company said that Pinarova offered “similar potential success” case outcomes to a Basur-4 appraisal well, but at a much lower drilling cost of some $660,000 gross compared with circa $4.12m gross, and with a shorter time to execution and delivery.
If successful, Pinarova-1 will be completed as a pumped oil production well and will likely be followed by a Pinarova-2 well and/or a Basur-4 appraisal well drilled from a new site west of Basur-1.
BASUR STRUCTURE
UKOG added that analysis of the new Phase II seismic data also supported the directors’ belief that the Basur structure extends more westwards than first mapped.
The JV can also better appraise it from a newly identified site, 1km west of the Basur-1 oil discovery, without drilling through the major NW-SE thrust fault zone immediately to the south.
The new site will need construction of a new pad and longer access track.
“Pinarova’s prospectivity, potential success case volumes and modest drilling costs make it an attractive short-fuse project worth pursuing,” added UKOG chief executive Stephen Sanderson.
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