Published: May 3, 2023 at 3:52 a.m. ET
By Michael Susin
UK Oil & Gas shares rose on Wednesday after the company said it has reached its final depth of 600 meters below surface at the Pinarova-1 well in Turkey.
Shares at 0744 GMT were up 0.01 pence, or 9.8%, at 0.08 pence.
The…
By Michael Susin
UK Oil & Gas shares rose on Wednesday after the company said it has reached its final depth of 600 meters below surface at the Pinarova-1 well in Turkey.
Shares at 0744 GMT were up 0.01 pence, or 9.8%, at 0.08 pence.
The energy company said it plans to run test operations and that samples of oil recovered have been sent to the U.K. for detailed study.
The results will assist the group’s current investigations into the possibility that a deeper light oil accumulation may also exist below the Pinarova area within Cretaceous limestones.
UK Oil & Gas holds a 50% non-operated interest in Pinarova-1.
Write to Michael Susin at michael.susin@wsj.com
Read More: UK Oil & Gas Shares Rise on Turkey’s Pinarova-1 Update