UK Oil & Gas gets explosives permits for Pinarova well

UK Oil & Gas has obtained all the necessary explosives permits to deploy new seven-inch perforating guns, it announced on Friday, designed to penetrate the nine-and-five-eighths-inch casing of the Pinarova well fully.

The AIM-traded firm said the permits were secured by service provider PSI, enabling the equipment to be prepared for transport to the site.

UKOG said it was in discussions with the operator AME to determine a confirmed date for the resumption of testing activities.

The upcoming deployment of the perforating guns would specifically target the Germik/Hoya section.

Notably, a distinct presence of strong oil odours at the surface was observed during drilling operations over 12 hours.

Furthermore, mobile light oil was recovered from the mud pit, as reported on 22 September.

Geochemical analysis revealed that the oil extracted from the mud pit closely matches the characteristics of the oil found in the seismic shot hole oil seep, located about 1.5 kilometres to the west of the site.

UK Oil & Gas holds a 50% non-operated interest in the Pinarova-1 well and the surrounding 305 square kilometre Resan licence area.

The area also includes the yet-to-be-developed Basur-1 light oil discovery.

At 1115 GMT, UK Oil & Gas shares were up 14.89% at 0.03p.

Reporting by Josh White for Sharecast.com.