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3.75    0.00 (0.00%)
Bid:
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Spread: 0.50 (14.286%)
Market Cap: £9.42m
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Drilling Update

24 Oct 2008 10:43

RNS Number : 6214G
Cadogan Petroleum PLC
24 October 2008
 



 October 24, 2008

CADOGAN PETROLEUM PLC

("Cadogan" or the "Company")

Drilling Update

Cadogan today provides an update on the Company’s drilling operations on the Zagoryanska field, Poltava Region, Ukraine.
 
The Zagoryanska 3 well was drilled to the target depth of 5110 meters and testing was carried out on the V26 horizon from a net pay zone of 3.2metres. During testing the well flowed at a rate of 4.6 mmcfd of gas and 370 barrels of condensate equivalent to 1135 boepdwith a wellhead flowing pressure of 2639psi, through a 17/64 inch choke, which was ahead of expectations. Further testing will now be carried out on the V23/24 and possibly on the V-18/19 and V-16/17 and V-15 horizons. The total net pay in the well is 30.0 metres.
 
Construction of field infrastructure, Pilot Gas Plant and a 6km pipeline to a gas sales tie-in point is expected to be completed, and commercial production commenced, in Q1 2009.
 
Importantly, only contingent resources are currently accounted for on the Zagoryanska field and this commercial test rate should result in conversion of contingent resources to reserves. Data will now be passed to independent international reserves auditors Gaffney Cline and Associates, to incorporate into the annual reserves report expected to be published in Q1 2009.

 

Zagoryanska licence is located immediately to the east of the Pirkovskoe field and covers 49.6km². As announced on the 13th October, the Poltava Regional Court confirmed Cadogan's full licence rights to both fields.

Mark Tolley, Chief Executive commented:

"We are very pleased with the successful completion of this well and the commercial rates it has demonstrated. These rates are above our initial expectations and should positively impact our reserves at their next assessment. Testing on other sections of the well will now take place and production from the field is expected to commence early next year. This is one of a number of wells that are scheduled to be completed during Q4 2008 and Q1 2009, demonstrating the exciting operational programme underway, and creating the potential to significantly grow our reserves and production base."

Enquiries:

Cadogan Petroleum

+44 20 7245 0801

Mark Tolley

Peter Biddlestone

 

Pelham PR

 

James Henderson

+44 20 7743 6673

Alisdair Haythornthwaite

+44 20 7743 6676

Evgeniy Chuikov

+44 20 3008 5506

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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Date   Source Headline
21st Jan 20094:35 pmRNSPrice Monitoring Extension
21st Jan 20094:22 pmRNSHolding(s) in Company
15th Jan 20097:00 amRNSLicence Update
14th Jan 20094:40 pmRNSSecond Price Monitoring Extn
14th Jan 20094:35 pmRNSPrice Monitoring Extension
12th Jan 20094:35 pmRNSPrice Monitoring Extension
7th Jan 20094:40 pmRNSSecond Price Monitoring Extn
7th Jan 20094:35 pmRNSPrice Monitoring Extension
5th Jan 20093:10 pmRNSHolding(s) in Company
29th Dec 200810:20 amRNSHolding(s) in Company
24th Dec 200810:40 amRNSHolding(s) in Company
23rd Dec 20084:40 pmRNSSecond Price Monitoring Extn
23rd Dec 20084:35 pmRNSPrice Monitoring Extension
18th Dec 20087:00 amRNSOperational Review Update
11th Dec 200810:15 amRNSHolding(s) in Company
8th Dec 20084:41 pmRNSSecond Price Monitoring Extn
8th Dec 20084:35 pmRNSPrice Monitoring Extension
3rd Dec 20082:30 pmRNSLicence Update
26th Nov 20084:44 pmRNSSecond Price Monitoring Extn
26th Nov 20084:39 pmRNSPrice Monitoring Extension
25th Nov 20084:45 pmRNSSecond Price Monitoring Extn
25th Nov 20084:43 pmRNSPrice Monitoring Extension
21st Nov 20084:46 pmRNSSecond Price Monitoring Extn
21st Nov 20084:40 pmRNSPrice Monitoring Extension
20th Nov 20084:45 pmRNSSecond Price Monitoring Extn
20th Nov 20084:38 pmRNSPrice Monitoring Extension
19th Nov 20087:00 amRNSInterim Management Statement
17th Nov 20084:43 pmRNSSecond Price Monitoring Extn
17th Nov 20084:37 pmRNSPrice Monitoring Extension
17th Nov 200811:47 amRNSHolding(s) in Company
12th Nov 20084:59 pmRNSHolding(s) in Company
12th Nov 20084:36 pmRNSPrice Monitoring Extension
24th Oct 200810:43 amRNSDrilling Update
21st Oct 200810:40 amRNSHolding(s) in Company
16th Oct 20087:00 amRNSCooperation Agreement with Ministry
13th Oct 20083:31 pmRNSHolding(s) in Company
13th Oct 200812:00 pmRNSLicence Update
9th Oct 20084:00 pmRNSDirector/PDMR Shareholding
29th Sep 20084:12 pmRNSLicence Update
29th Sep 20087:00 amRNSLicence Update
22nd Sep 200812:05 pmRNSLicence Update
18th Sep 20081:25 pmRNSLicence Update
18th Sep 20087:00 amRNSLicence Update
16th Sep 20084:36 pmRNSPrice Monitoring Extension
15th Sep 20087:00 amRNSLicence Update
8th Sep 20081:11 pmRNSLicence Update and Analyst Pr
2nd Sep 200812:26 pmRNSDirector/PDMR Shareholding
29th Aug 20087:00 amRNSInterim Results
26th Aug 20084:01 pmRNSLicence Update
20th Aug 200812:00 pmRNSLicence Update
45678910111213

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