UK Oil & Gas has announced that acquisition of the Phase 2 seismic programme over its Turkey Resan licence (UKOG 50% interest) has now been successfully completed and the field crew demobilised. 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 has been processed, final versions received in house, interpreted and a new top reservoir map made, the Company will 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 H1 2023. 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.
UKOG is taking an active technical role in a 4-well oil appraisal and step-out exploration drilling programme designed primarily to assess the commercial viability of the significant Basur-Resan oil discovery. The transaction was approved by the Turkish government and completed in January 2021.
The Resan Licence lies within the SE Anatolian basin, a geological continuation of the prolific Zagros "fold-belt" petroleum system within the foothills of the Taurus-Zagros mountains in Iraq, Iran and Turkey, one of the Middle East's major oil producing areas. Multiple producing oil fields lie to the immediate west and south-east of the Licence, containing significant proven recoverable reserves.
KeyFacts Energy: UKOG Turkey country profile