Cadogan Petroleum Operations Update
15 May 2014 - 4:00PM
UK Regulatory
TIDMCAD
CADOGAN PETROLEUM PLC
Cadogan Operations Update
The Company can confirm that there have been no disruptions to its operations
or to the effective management of its licences during the recent period of
instability.
Eastern Licences
Our recent analysis shows great promise in the upper intervals, in particular
in Pirkovskoe. Following a thorough study of Direct Hydrocarbon Indicators
(DHI) and 3D Amplitude Versus Offset (AVO) reconnaissance, a drillable prospect
has been identified and its characterization is currently underway, showing
good prospectivity and significant potential size.
Western Licences
In Debeslavetska, all the updated DHI reconnaissance technologies have
similarly been applied with so far interesting results. Following some minor
delay due to the current instability in the region, the 2D seismic acquisition
was completed at the end of March. Three new drillable prospects have now been
identified with the best of them currently undergoing further scrutiny.
In addition some relatively deeper (circa. 600m) potential horizons now appear
likely and if our analysis proves correct, will significantly improve potential
resources in the area.
The first well in Debeslavetska will be drilled in late September of this year
and the eventual tie-in to the existing production facilities will take
approximately 4 weeks.
In Monastyretska the planned formation light stimulation was successfully
completed in mid March, immediately increasing production from 20 to 30 bopd.
On May 13th a sucker rod pump was installed and performance tests are currently
ongoing. First results are expected by the end of next week.
Negotiations with local operators for the acquisition of two further, existing
wells, with the aim to bring them back to production, are currently underway.
Performance monitoring of these three wells will give the Company a better
understanding of the reservoir characteristics and behaviour, allowing us to
formulate future plans to increase production further.
Enquiries:
Cadogan Petroleum Plc +380 (44) 591 0390
Bertrand des Pallieres Chief Executive Officer
Laurence Sudwarts Company Secretary
Cantor Fitzgerald Europe +44 (0) 20 7894 7000
David Porter
Richard Redmayne
END
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