IN BRIEF: UK Oil & Gas discovers light oil on Resan licence

IN BRIEF: UK Oil & Gas discovers light oil on Resan licence

UK Oil & Gas PLC – London-based exploration and production company focused on UK and Turkey – Discovers live, light 41.7 degree API oil seep in an unused seismic drill hole on the Resan licence in Turkey. UK Oil & Gas holds a 50% interest in the Resan licence with operator Aladdin Middle East. This provides evidence of an active light oil petroleum system in the central area of the licence, UK Oil & Gas explains, and has positive implication for future exploration of the licence. Adds two drill holes completed several days later also recovered light oil. Oil samples have now gone for analysis.

However, elsewhere on the Resan licence, plans for a vertical Resan-6 well have been put on hold and the partnership will focus on the Basur area, where oil has flowed to the surface at reported good rates.

Current stock price: 0.12 pence, down 3.8% in London on Thursday

12-month change: down 48%

Published: 01-07-2022