Well Update

Cadogan Petroleum Plc - Well Update

PR Newswire

London, April 30

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

Blazh-10 well Update

Cadogan Petroleum plc (“Cadogan”), an independent, diversified oil & gas company listed on the main market of the London Stock Exchange, is pleased to announce that the performance of its Blazh-10 well has continued to improve during clean-up and that production has increased to circa 385 bpd (25th April: 150 bpd) of oil in natural flow.

The clean-up is expected to continue for about a week, until the site is vacated by the drilling contractor, with the oil being piped to the production tanks. The clean-up will be followed by an exhaustive well test program designed to collect down hole samples of the oil, to record the flow profile within the perforated section of the well-bore and to establish the productivity index. The company expects to have a better sense of a sustainable rate of production from the well upon completing the clean-up and the following well test.

The Blazh-10 well encountered 156 meters of the target Yamna formation sandstone, with log interpretations confirming the entire column as oil bearing. The well was drilled to a total depth of 3,394m and set a local benchmark for drilling time. The well is located on the Monastyretska license, in the West of Ukraine, near the border with Poland.

Further updates will be provided as and when appropriate.

Guido Michelotti, Cadogan Petroleum CEO, commented:

“We are excited by the results of Blazh-10. The well produces more in natural flow than the other three existing wells on the license combined, despite the other wells having sucker rod pumps installed. The contribution of the Blazh-10 well has taken Cadogan’s current production to some 600 bpd of oil, the highest level ever in the history of the Company"

-ENDS-

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