UK Oil & Gas (UKOG.L) Shares: Can Drilling In Basur-Resan Contribute To Price Growth?

Since the beginning of this month, UK Oil and Gas shares have started to fall. On July 2, the share price was 0.2392 GBP, two days later the price fell by 0.1855 GBP. The highest point of the price drop was recorded on July 13, the share price fell by 0.1695 GBP. Today, the share price was 0.1775 GBP. Although the price of Brent crude oil fell below US$76 per barrel due to increased market tensions. In the context of new drilling news, BP’s share rose by 5% earlier this week (although it still fell by 27% compared to the same period last year). However, the share price of UKOG has not gained momentum.

With the start of drilling at Basur-Resan, UKOG development is proceeding smoothly. After UKOG announced the start of drilling in Turkey’s Basur3 oil field, its share price rose slightly. The oilman described the appraisal well as the first modern well designed to properly study the extent and commercial viability of the Basur-Resan oil field, discovered in the 1950s and 1960s. The Basur-Resan field is estimated to contain an estimated average recoverable oil volume of 37.2 million barrels of oil.

Paul Meyer

Part-Time Reporter. Paul could do better in his engineering profession where he became a real pro. However, he chose the finance field to find a tranquil environment in his career. Today he creates a good number of great content for our team.

Want Hot Stocks?    Yes. I Love Them No thanks