Cadogan Petroleum Reports Rise In Blazh-3 Production After Workover

LONDON (Alliance News) - Oil company Cadogan Petroleum PLC said Friday that production from the Blazh-3 well in the Monastyretska license, located in the L'viv region of western Ukraine, increased to 125 barrels per day from from 45 bpd.

The rise follows the successful completion of a workover to re-perforate some of the old intervals and open new ones, the company said.

The Blazh-3 well is being monitored in order to decide on whether additional well operations are advisable before the installation of a sucker rod pump, which is expected to further increase its production, the firm said.

This workover is the second in a program of three and follows the successful stimulation of Blazh-1 well, in February, which nearly doubled its production rate. As a result of this activity, Cadogan's current production exceeded 300 boepd.

"This is a very encouraging start to the work over programme, with two of the three wells seeing considerable increases in production rates that put the company ahead of production expectations for the year", said Cadogan Chief Executive Guido Michelotti.

Shares in Cadogan were up 8.3% at 10.15 pence per share on Friday.