Cadogan Energy Solutions Plc Share Price (CAD.GB.PL)

Produced barrel increased in 2018 to 91million barrel, from appr. 50 million barrel in 2017.

With well Blazh-10 that will further increase now!
Next week after finalizing the clean up they will announce the next well update!

Cash as per end of 2018 is higher than current MC, but by that time the recent success with flow rates from Blazh-10 was not priced in yet.

Key Financial Highlights of 2018:
•Profit for the year: $1.2 million (2017: loss of $1.6 million)
•Average realised price: 51.3$/boe (2017: 41.6$/boe)
•Gross revenues[1]: $14.7 million (2017: $15.1 million)
•Gross profit: $1.9 million (2017: $2.1 million)
•G&A[2]: $4.8 million (2017: $5.0 million)
•Profit per share: 0.5 cents (2017: loss of 0.7 cents)
•Net cash[3] at year end: $35.2 million (2017: $37.6 million)

production at Blazh-10 well increased to 385bpd! YES!!

What might the next update bring? Do we see here the second BLOE?

30th April 2019:

Cadogan Petroleum Plc
(“Cadogan” or the “Company”)

Blazh-10 well Update

Cadogan Petroleum plc (“Cadogan”), an independent, diversified oil & gas company listed on the main market of the London Stock Exchange, is pleased to announce that the performance of its Blazh-10 well has continued to improve during clean-up and that production has increased to circa 385 bpd (25th April: 150 bpd) of oil in natural flow.

The clean-up is expected to continue for about a week, until the site is vacated by the drilling contractor, with the oil being piped to the production tanks. The clean-up will be followed by an exhaustive well test program designed to collect down hole samples of the oil, to record the flow profile within the perforated section of the well-bore and to establish the productivity index. The company expects to have a better sense of a sustainable rate of production from the well upon completing the clean-up and the following well test.

The Blazh-10 well encountered 156 meters of the target Yamna formation sandstone, with log interpretations confirming the entire column as oil bearing. The well was drilled to a total depth of 3,394m and set a local benchmark for drilling time. The well is located on the Monastyretska license, in the West of Ukraine, near the border with Poland.

Further updates will be provided as and when appropriate.

Guido Michelotti, Cadogan Petroleum CEO, commented:

“We are excited by the results of Blazh-10. The well produces more in natural flow than the other three existing wells on the license combined, despite the other wells having sucker rod pumps installed. The contribution of the Blazh-10 well has taken Cadogan’s current production to some 600 bpd of oil, the highest level ever in the history of the Company"

See video on proactive investor. This company has a ton of cash and has managed to get to 230 barrels per day without spending shareholder money! They have lent money to Proger which is a very safe investment in a company that has aggressive growth plans and Cadogan gets interest or a very generous share in a hopefully considerably expanding Proger. They are drilling as part of a licence agreement so that will also be interesting as will finish in April. Havent finished researching yet. But going to dip toe in.