UK Oil & Gas plc has secured a small rig to drill the new Pinarova-1 shallow oil exploration well at the Resan joint venture licence in the Siirt province, southeast Turkey.
PRODUCTION
The company will test shallow Eocene Hoya light oil prospect across some 9km² and 300-645m below surface.
Pinarova lies beneath an active light oil seep found last summer in a seismic shot hole, 6km north of UKOG’s Basur-1 oil discovery.
The 50-50 JV with Aladdin Middle East Ltd will begin constructing the drill site in seven to 10 days with operations expected to last 14 to 21 days, depending on the weather.
Drilling to a total depth of around 500 to 550m will begin around the end of March to early April 2023, for an approximate 28-day campaign.
The company added it was fully funded to cover its share of the expected $0.4 million gross dry hole and $0.63m gross success case, tested and completed as an oil producer, costs.
“Pinarova’s prospectivity, potential success case oil volumes and modest drilling costs make it an attractive stand-alone project that could, in the success case, deliver oil production in H1 2023,” added chief executive Stephen Sanderson.
“Given the positive shallow oil seep evidence plus the good light oil shows encountered within Pinarova by the Kezer-1 geothermal well [in 2018], the new well will seek to establish if that oil is present in commercially viable saturations and volumes that can be pumped to surface.
“We look forward to the impending start of site construction and subsequent drilling directly upon its completion.”