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UK Oil & Gas PLC (AIM:UKOG) | RNS | UK Oil & Gas PLC - Completion of Resan licence agreement with AME proactiveinvestors.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from proactiveinvestors.com Daily Mail and Mail on Sunday newspapers.
UK Oil & Gas PLC (London AIM: UKOG) is delighted to announce that the Company s wholly owned subsidiary, UKOG Turkey Ltd, has received notice that formal government consent for the Company s acquisition of a 50% interest in the 305 km² Basur-Resan oil appraisal and exploration licence, ( Licence ), has now been granted via official decree. Forthwith, together with the operator, Aladdin Middle East Ltd ( AME ), the Company is a named party to the Licence, officially designated as AR/AME/K/M47-b1, b2.
As per the Company s 14 October 2020 announcement, the board views the Licence s forthcoming 2021 appraisal drilling programme, aimed initially at proving the commerciality of the Basur-Resan oil discovery, to present a compelling and potentially transformational growth opportunity for the Company.
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that together with its 50-50 Turkish joint venture partner, Aladdin Middle East ( AME ), the Company has applied to the Turkish authorities for three further exploration licences in south east Turkey. The application area covers four c. 150 km² blocks lying to the south and south east of the Company s 305 km² Basur-Resan Licence (see RNS releases of July 23 and October 13, 2020). This application is on a ground floor basis with UKOG responsible solely for its 50% share of any future costs. A map showing the application blocks will be made available on the Company s website in due course.