LONDON (Alliance News) - Oil & gas firm Cadogan Petroleum PLC said Thursday an extended well test on Blazh-10 in the Monastyretska onshore licence in Ukraine has confirmed its high productivity.
The well test saw production of 275 barrels of oil per day on a 26/64 inch choke.
Cadogan will continue to produce the well in natural flow and monitor it regularly. With the addition of Blazh-10, oil production from the licence has now surpassed 500 barrels per day.
The well test first started on May 18, with a restricted flow on three different chokes. On 8/64, 10/64 and 13/64 inch chokes the well produced 98, 133 and 181 barrels per day respectively.
The flow period was followed by a three-day pressure build up, showing that the well is in communication with nearby wells and has no close barrier.
"This is an extremely good result for the company. The well not only meets the company's license commitments, it also adds significantly to Cadogan's overall production. The Blazh-10 well set a benchmark for drilling in the local area and it is producing on natural flow at a rate that is substantially greater than the company's other wells on the license," said Chief Executive Officer Guido Michelotti.
Shares in Cadogan Petroleum were down 2.7% at 9.24 pence on Thursday.
Cadogan (CAD)