Cadogan Petroleum Well Update
03 May 2019 - 10:28PM
UK Regulatory
TIDMCAD
Press Release 30 April 2019
This announcement is deemed to contain Inside Information as defined under
the Market Abuse Regulations n. 596/2014
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-
For further information, please contact:
Cadogan Petroleum plc
Guido Michelotti Chief Executive Officer +380 (44) 594 5870
Ben Harber Company Secretary +44 0207 264 4366
Cantor Fitzgerald Europe Broker to Cadogan Petroleum plc
David Porter +44 (0) 20 7894 7000
Nick Tulloch
END
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