Cadogan Regulatory News (CAD)

Cadogan Petroleum Plc - Operations Update

PR Newswire

London, March 22

Cadogan Petroleum Plc

(“Cadogan” or the “Company”)

Update on results of

Blazh-3 well work-over

Cadogan Petroleum plc (“Cadogan”), an independent, oil & gas company listed on the London Stock Exchange, is pleased to announce that production from the Blazh-3 well in the Monastyretska license has increased from 45 bpd to circa 125 bpd following the successful completion of a work-over to re-perforate some of the old intervals and open new ones. 

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.

This work-over 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 (oil and gas combined) has exceeded 300 boepd (290 boepd net to Cadogan).

The Monastyretska license is located in the L’viv region of Western Ukraine. Oil produced from the field has a negligible gas and water content, is treated locally and exported by truck by the buyers. The Group is the owner of the license. The Blazh-3 well is rented from Ukrnafta, which had drilled it in the 90s’.

Commenting, Guido Michelotti, CEO of Cadogan, said:

“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”

-ENDS-

About

Cadogan is an independent oil and gas company which operates exploration and production licenses in Western Ukraine, conducts gas trading operations, and provides services to E&P companies.

Ukrnafta is the largest oil producer in Ukraine. They operate 82 licences and own a fleet of 46 drilling rigs.

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