Press Release
11 January 2021
This announcement contains inside information as defined under
the Market Abuse Regulations n. 596/2014
Cadogan Petroleum
Plc
(“Cadogan” or the
“Company”)
Cadogan Petroleum plc (“Cadogan”), the London Stock Exchange
listed independent oil and gas company is pleased to provide the
following operational update post year end.
In 2021, production continued to grow. Net oil production was
127,662 bbl corresponding to an average of 350 bpd. This is 20%
above the production of 2020.
This production result was achieved thanks to the full operation
of the 4 wells and the optimization of the operational regimes of
these wells, in particular the Blazhiv-10 well.
In 2021 the Company conducted and completed full hydrodynamic
surveys of Blazhiv-1, Blazh-3, Blazhiv-Monastyrets-3 and Blazhiv-10
wells.
In the second half of 2021, Cadogan launched studies for data
reprocessing and reinterpretation of old 2D seismic data. The
purpose was to get a geological construction precision of Blazhiv
oil field and Monastyretska fold, and to identify new perspective
structures within the license area boundary. These studies will be
available in Q1 2022.
To prevent the spread of Covid-19, the Company continued to
strictly maintain administrative and healthcare measures, and to
provide safe working conditions for its employees.
All activities were executed without LTI or TRI, with a total
over 1,400,000 manhours since the last incident.
The ?ompany continued defending its positions, towards the State
Geological Service for Bitlyanska license award approval and
expects decision during 2022.
Notwithstanding, the Court of First Instance partly satisfied
LLC Astrogaz claim for the Pirke license award, confirmed inaction
of the Licensing Authority and obliged it to review the Pirkivska
license application, the Appeal Court and the Supreme Court
rejected the claim of Astrogaz. This decision will not have a
financial impact as Pirkovska license was totally impaired
before.
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