By Michael Susin
UK Oil & Gas PLC shares rose on Friday after the company said that its Pinarova-1 drilling in Turkey has encountered oil shows.
Shares at 0746 GMT were up 0.01 pence, or 10%, at 0.08 pence.
Oil shows–a surface observation of hydrocarbons–were found in drill cuttings from 358 to 400 meters depth after drilling within the target Eocene Hoya limestone sequence, the company said.
The encounter also potentially indicates permeability development within the Hoya reservoir, it added.
“Given these encouraging observations, it has been decided to conduct open-hole swabbed-flow testing over the zone between 293 and 400 meters drilled depth. Preparations for testing operations are underway,” the company said.
Write to Michael Susin at [email protected]