Press
Release
25 April 2019 |
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This announcement is deemed to contain Inside Information as
defined under the
Market Abuse Regulations n. 596/2014 |
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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-
For further information, please
contact:
Cadogan Petroleum plc |
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Guido Michelotti |
Chief Executive Officer |
+380 (44) 594 5870 |
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Ben Harber |
Company Secretary |
+44 0207 264 4366 |
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Cantor Fitzgerald Europe |
Broker to Cadogan
Petroleum plc |
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David Porter |
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+44 (0) 20 7894
7000 |
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Nick Tulloch |
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