Cadogan Petroleum Operational Update
April 09 2019 - 10:09AM
UK Regulatory
TIDMCAD
Press Release
9 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")
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 encountered 207 meters of the Yamna target
formation, at a depth 50 meters higher than prognosis and in the predicted sub
vertical setting.
Cores taken from the upper part of the Yamna and a preliminary interpretation
of the open hole logs suggest that the entire Yamna section could potentially
be oil bearing. The well is being conditioned to run and cement a 7" casing,
which will be followed by well testing. Full log interpretation and testing
results will determine the net pay and the expected deliverability of the well.
Further updates will be provided in due course.
The well reached its TD of 3394 m at a cost which was 10% higher than budgeted
due to severe hole instability challenges which were experienced while
drilling.
The Blazh-10 well is located in the Company's Monastyretska license, in the
west of Ukraine near the border with Poland. The Yamna sandstones is the
producing formation for the Company's three existing wells on the license.
Guido Michelotti, Cadogan Petroleum CEO, commented:
"The initial results of Blazh-10 are encouraging; we look forward to testing
the well and providing further updates on progress. The well is a testimony to
Cadogan's operational excellence and creates a local benchmark as it has been
drilled in about a fifth of the time taken to drill the fastest of the nearby
wells and some 10% of their average time".
-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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