Cadogan Share News (CAD)

(Sharecast News) - Cadogan Petroleum updated the market on its activities in Ukraine on Tuesday, reporting that on the Monastyretska licence, a new sucker rod pump has been installed on the Blazh 10 well.
The London-listed firm said the previous sucker rod pump was not functioning correctly, and had been removed.

It said the installation of a new pump was used as an opportunity to record a pressure build-up followed by a production log.

The analysis of the build-up highlighted a decrease of the well productivity index, while the production log confirmed the profile which had been recorded in May.

Cadogan said the well had been put on production at 185 barrels of oil per day, while seeking a coiled tubing unit to perform a stimulation of the well and enhance its productivity.

With the Blazh-10 well in its current production regime, the field was producing 400 barrels of oil per day.

"The application to convert the Monastyretska license to a production licence is following its due process, which is managed by the State Geological Service of Ukraine," the board explained in its statement.

"The process includes a review and the approval of the regional council of L'viv and of the Ministry of Ecology.

"Furthermore, the company has filed the application for a 20-year license for the Bitlyanska licence."

Cadogan said both applications were expected to be reviewed by L'viv Regional Council during October.

The company's local subsidiary, USENCO, had signed memoranda of understanding for social projects with the representatives of the two district councils where the Monastyretska license was located, it added.

"DNV GL, a leading provider of risk management and quality assurance services, has conducted a third-party review of the process to calculate and report emissions and found that the restated numbers in 2018 annual report were appropriately calculated," the board added.

"They have issued suggestions to further strengthen the process, which Cadogan is implementing."