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  2. Share Prices
  3. Cadogan Share Price
  4. Cadogan Share Regulatory News
  5. Drilling Update

Pin to quick picksCadogan Regulatory News (CAD)

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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
24th Jan 20189:58 amPRNOperational Update
18th Jan 20184:37 pmPRNHolding(s) in Company
18th Jan 20184:31 pmPRNHolding(s) in Company
18th Jan 20184:07 pmPRNHolding(s) in Company
12th Dec 20174:40 pmRNSSecond Price Monitoring Extn
12th Dec 20174:35 pmRNSPrice Monitoring Extension
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29th Aug 201712:41 pmPRNHalf Yearly Report for the Six Months ended 30 June 2017
23rd Jun 20177:42 amPRNResult of AGM
30th May 20177:00 amPRN2016 Annual Financial Report and Notice of AGM
17th May 20171:02 pmPRNReport on Payments to Governments
2nd May 20174:32 pmPRNChanges to Board and Executive Management
28th Apr 20178:29 amPRNAnnual Financial Report
19th Apr 20174:08 pmPRNOperational Update
7th Mar 20177:00 amPRNOperational Update
9th Feb 20173:59 pmPRNChange in Executive Management
31st Jan 20173:24 pmPRNCompany Secretary Change
17th Jan 201711:23 amPRNOperational Update
15th Sep 201612:22 pmPRNPublication of Report on Payments to Governments
25th Aug 20165:23 pmPRNHalf Yearly Report for the Six Months ended 30 June 2016
8th Jul 201610:46 amPRNOperations Update
23rd Jun 20169:54 amPRNResult of AGM
20th May 20162:40 pmPRNOperational Update
26th Apr 20162:03 pmPRNAnnual Financial Report
12th Apr 201610:35 amPRNOperations Update
1st Apr 201610:13 amRNSForm 8.5 (EPT/RI)
31st Mar 20165:07 pmPRNPossible combination with Ascent Resources plc
31st Mar 201612:38 pmRNSForm 8.3 - Cadogan Petroleum Plc
31st Mar 201610:08 amRNSForm 8.5 (EPT/RI)
30th Mar 201610:00 amRNSForm 8.5 (EPT/RI)
29th Mar 20163:08 pmRNSForm 8.5 (EPT/RI)
29th Mar 20167:00 amRNSRule 2.10 Announcement
29th Mar 20167:00 amRNSPossible combination with Ascent Resources PLC
24th Mar 20162:41 pmRNSApproach by Cadogan Petroleum plc
24th Feb 20162:39 pmPRNTechnical Service Agreements
22nd Dec 201512:29 pmPRNOperations Update
22nd Dec 201512:29 pmPRNChange of Registered Office
14th Oct 20154:35 pmRNSPrice Monitoring Extension
28th Aug 20151:22 pmPRNHalf-yearly Report
7th Jul 20151:10 pmPRNHolding(s) in Company
26th Jun 20157:00 amPRNResult of AGM
25th Jun 20151:02 pmPRNDirectorate Change
22nd Jun 201511:41 amPRNDirectorate Change
30th Apr 20156:38 pmPRNAnnual Financial Report
2nd Apr 201511:08 amPRNHolding(s) in Company
27th Feb 20157:00 amPRNCompany Secretary Change
13th Jan 20157:00 amPRNOperations Update
21st Nov 20147:00 amPRNInterim Management Statement
27th Aug 20147:00 amPRNHalf-yearly Report
5th Aug 20147:00 amPRNOperations Update
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