Press Release
9 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”)
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 |
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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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