Today UK Oil & Gas PLC (London AIM: UKOG)
announced that it has signed binding heads of agreement
with Aladdin Middle East Ltd ("AME"), an independent oil company with 60 years of operational experience in Turkey.
To take a 50% non-operated working interest in the 305 km² Resan Licence ("Licence"). UKOG will take an active technical role in a 5-well oil appraisal and step-out exploration drilling programme, which, Covid and weather permitting, is expected to commence this year.
We took the opportunity to speak with Stephen Sanderson, UKOG's Chief Executive and let him explain today update and what it means for the company.