Well Update

Cadogan Petroleum Plc - Well Update

PR Newswire

London, April 25

Cadogan Petroleum Plc

(“Cadogan” or the “Company”)

Successful clean-up flow of Blazh-10 well

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 Blazh-10 well has produced oil to the surface at an estimated rate of about 150 bpd during clean-up.

The perforated interval covers the entire Yamna formation, with log interpretation confirming it is all oil bearing with a net pay of 156 meters. High penetration charges were deployed on a TCP gun run in hole via drill pipes. The pay zone was subsequently washed with acid to remove potential formation damage from mud filtrate and a clean-up flow started. The well has flowed an average rate of 150 bpd of oil during the last 24 hours of clean up. The well has already been connected to the oil tanks in the area of the Blazh Mon 3 well and the produced hydrocarbons will be diverted from the test tank into the Blazh-Mon 3 tanks at the end of the clean-up.

Clean-up will continue while the drilling contractor demobilizes. A full well testing program, inclusive of oil sampling and PLT, will be executed upon full demobilization of the drilling rig. Subsequently, the Company intends to install a sucker rod pump.

The interpretation of the logs has also identified another 15 meters of potential net pay at 2700 meters depth in the Bystrycia formation. This potential pay zone will not be tested as the well has been completed as a Yamna producer.

Updates will be provided as and when appropriate.

The Blazh-10 well is located in the Company’s Monastyretska license, in the west of Ukraine near the border with Poland. The Yamna sandstone is the producing formation for the Company’s three existing wells on the license.

Guido Michelotti, Cadogan Petroleum CEO, commented:

“The results of Blazh-10 are far encouraging. The pay zone is on the high range of values for a success scenario and the well has already produced oil in commercial quantities during the clean-up in natural flow. We look forward with optimism to the testing results to have confirmation that the well production capacity is also on the high end of pre-drill expectations”.

-ENDS-

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