Press Release
3 July 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”)
Monastyretska
license: application for a 20-year production license
Cadogan Petroleum plc (“Cadogan”), an independent, diversified oil
& gas company listed on the main market of the London Stock
Exchange, is pleased to report that its local subsidiary has
filed the application for a 20-year production license for its
Monastyretska license. The production license has been named
Blazhiv field.
The application has been filed with the State Geological
Services of Ukraine nearly five
months ahead of the expiry date of the current exploration license,
which is November 18, 2019 as the
Company has already secured the approval of the set of documents to
be attached to the application, namely:
-
A report from the Control Department of the State Geological
Services of Ukraine that there
were no breaches throughout the exploration period.
-
The approval of the Reserves Report by the State Commission of
Reserves.
-
The approval of the Environmental Impact Assessment study by the
Ministry of Ecology.
The Company will make a further announcement regarding the
license application as and when appropriate.
Guido
Michelotti, Cadogan Petroleum CEO, commented:
“This is an important step towards
stabilizing the future of our company in Ukraine. We have filed the application well
ahead of the deadline in order to allow sufficient time for a
seamless transition between the exploration and the production
licenses”.
About
Monastyretska license produces about 460 bpd of oil from four
wells. The installation of a sucker rod pump with a scraper on the
recently drilled Blazh 10 well is being considered to slightly
increase its oil production, while reducing the frequency of hot
oil washes to dissolve paraffin deposition in the tubing.
Based on the reservoir simulation study conducted last year,
Monastyretska license can produce up to 3.5 million barrels of oil
with a further 2.1 million barrels coming from the implementation
of a water injection scheme.
-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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