Operations Update

Cadogan Petroleum Plc - Operations Update

PR Newswire

London, February 22

Cadogan Petroleum Plc(“Cadogan” or the “Company”)

Successful Stimulation of theBlazh-1 well Increases Production

Cadogan Petroleum plc (“Cadogan”), an independent, oil & gas company listed on the London Stock Exchange, is pleased to announce that production from the Blazh-1 well on the Monastyretska field has nearly doubled to 63 bpd following the successful completion of a work-over to stimulate the well.

The Blazh-1 well is being monitored as part of a reservoir surveillance program aimed at optimizing the performance of the entire field. As a result of this stimulation, Cadogan’s current production (oil and gas combined) has increased to 219 boepd (205 boepd net to Cadogan).

The team and the equipment have been relocated to the Blazh-3 well to execute a work-over and chemical treatment. This operation is scheduled to be completed in approximately four weeks.

The Monastyretska field is located in the Lviv 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 holds a 100 per cent working interest in the license.

-ENDS-

 About

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

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