Press Release
10 February 2020
This announcement contains inside information as defined under
the Market Abuse Regulations n. 596/2014
Cadogan Petroleum
Plc
(“Cadogan” or the
“Company”)
Operational
Update
Cadogan Petroleum plc, the London Stock Exchange listed
independent oil and gas company, is pleased to provide the
following operational update post year-end.
Net production for 2019 averaged 288 boepd, which is 15% above
average production in 2018 and 86% above average production in
2017.
The increase in production was achieved despite a 30-day
shutdown of Blazhiv oil field (formerly Monastyrestka license) in
November and December 2019, and the
shutdown of Blazhiv-3 and Blazhiv-Monastyrets-3 wells, due to the
expiry of the lease contract. The extension of this contract is
currently being negotiated and is expected to be finalised
soon.
Operations, which included drilling the successful Blazh-10
well, were delivered in an incident free working environment.
Emissions to the atmosphere increased to 85.7 tons of CO2
equivalent/boe. Actions are currently being performed to reduce the
intensity ratio.
Production for 2019 was sold at an average price of $47/boe, which is approximately 10 % lower than
in the previous year, in line with lower average global crude
prices.
The conversion of the Monastyrestksa exploration license into
the 20-year Blazhiv production license was successfully completed,
while the process for the Bitlyanska 20-year exploration and
production license is at the final stage. The Company has already
secured all intermediary approvals, including those from the
regional authorities and is expecting the decision of the Licensing
Authority of Ukraine. Further
updates with regards to the Bitlyanska exploration and production
license, as well as the Blazhiv-3 and Blazhiv-Monastyrets-3 lease
negotiations will be announced as and when appropriate.
ENDS
About
Cadogan is an independent, diversified oil and gas
company, which operates exploration and production licenses in
Western Ukraine, conducts gas
trading operations, and provides services to E&P companies.
For further information, please
contact:
Cadogan Petroleum plc
Fady Khallouf
Chief Executive
Officer
fady.khallouf@cadoganpetroleum.com
Ben Harber
Company Secretary
+44 0207 264 4366
Cantor Fitzgerald Europe, Broker to Cadogan Petroleum
plc
David
Porter
+44 (0) 20 7894 7000