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Last checked at 
24 Oct 2008 10:43
October 24, 2008
CADOGAN PETROLEUM PLC
("Cadogan" or the "Company")
Drilling Update
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:
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Cadogan Petroleum |
+44 20 7245 0801 |
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Mark Tolley |
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Peter Biddlestone
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Pelham PR
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James Henderson |
+44 20 7743 6673 |
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Alisdair Haythornthwaite |
+44 20 7743 6676 |
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Evgeniy Chuikov |
+44 20 3008 5506 |
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