UKOG completes second phase seismic programme in Turkey

UK Oil & Gas announced on Friday that the acquisition of the second-phase seismic programme over its Turkey Resan licence, where it has a 50% interest, was now successfully complete, with the field crew demobilised.

The AIM-traded firm said the programme, consisting of four new 2D seismic lines over the possible updip western extent of the Basur-1 oil discovery and Prospect B to the south, was delivered ahead of schedule and under budget.

Once the seismic was processed, final versions received in-house, interpreted and a new top reservoir map made, the company said it would provide a further update of the results.

“The company will then focus firmly upon the delivery of a new Basur appraisal well, now anticipated to be able to add near-term oil production to the company in the first half of 2023,” the board said in its statement.

“It should be noted that Turkey's Petroleum Law enables a successful oil well to be put into full time production within days to weeks of a successful test.”

At 1204 BST, shares in UK Oil & Gas were up 1.65% at 0.09p.

Reporting by Josh White at Sharecast.com.