UK Oil & Gas starts drilling at Pinarova-1

11th Apr 2023 14:41

(Sharecast News) - UK Oil & Gas said on Tuesday that drilling operations at Pinarova-1 began on 7 April.

The AIM-traded company said the drilling of a 12-and-a-quarter inch diameter hole down to the first casing point, at a depth of around 300 metres below surface, had started, and was expected to take eight to 10 days.

It said the well would then proceed to drill through the target Hoya section, and ultimately reach a total depth of 500 to 550 metres below surface.

A company geologist would be on site to record geology and identify any mobile oil that could surface in drilling cuttings and mud.

The firm holds a 50% non-operated interest in Pinarova-1 and the surrounding 305 square kilometre Resan licence, which also includes the undeveloped Basur-1 light oil discovery.

"Pinarova-1, located six kilometres north of the Basur-1 oil discovery, is designed to test a working hypothesis, supported by well and seismic data, that the active 41.7-degree 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 of some nine square kilometre areal extent within Eocene Hoya group limestones, lying around 300 to 645 metres below surface," the UKOG board explained in the announcement.

At 1341 BST, shares in UK Oil & Gas were up 3.65% at 0.06p.

Reporting by Josh White for Sharecast.com.