UK Oil & Gas PLC on Friday hailed progress at Pinarova-1, after ‘encouraging’ findings.

UK Oil & Gas is a UK-focused oil and gas exploration and production company. Its shares were trading 22% higher at 0.088 pence each in London on Friday afternoon.

‘Pinarova-1 encountered oil shows in drill cuttings from 358 to 400 metres drilled depth. The onset of oil shows also corresponds with observed drilling fluid losses, potentially indicating permeability development within the Hoya reservoir. Given these encouraging observations, it has been decided to conduct open hole swabbed flow testing over the zone between 293 and 400 metres drilled depth,’ UK Oil said

Following these tests, drilling will continue through the underlying zone lying coincident with the uppermost and strongest seismic amplitude anomaly observed within Pinarova’s core.

The company said that the seismic anomaly may indicate the presence of moveable hydrocarbons and or good Hoya reservoir development, and is therefore a key drilling and testing objective.

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