Press Release
8 October 2019
Cadogan Petroleum
Plc
(“Cadogan” or the
“Company”)
Trading update
Cadogan Petroleum plc (“Cadogan”), an independent, diversified
oil & gas company listed on the main market of the London Stock
Exchange, is pleased to provide the following update on its
activities in Ukraine.
On the Monastyretska licence, a new sucker rod pump has been
installed on the Blazh 10 well. The previous sucker rod pump was
not functioning correctly and has been removed.
The installation of a new pump was used as an opportuntity to
record a pressure build-up followed by a production log. The
analysis of the build-up highlighted a decrease of the well
productivity index, while the production log has confirmed the
profile which had been recorded in May.
The well has been put on production at 185 bpd of oil, while
seeking a coliled tubing unit to perform a stimulation of the well
and enhance its productivity. With the Blazh-10 well in its current
production regime, the field is producing 400 bpd of
oil.
The application to convert the Monastyretska license to a
production licence is following its due process, which is managed
by the State Geological Service of Ukraine. The process includes a review and the
approval of the Regional Council of L’viv and of the Ministry
of Ecology. Furthermore, the Company has filed the application for
a 20 year license for the Bitlyanska licence. Both applications are
expected to be reviewed by L’viv Regional Council this month.
Cadogan’s local subsidiary, USENCO, has signed MoU’s for social
projects with the representatives of the two district councils
where Monastyretska license is located.
DNV GL, a leading provider of risk management and quality
assurance services, has conducted a third-party review of the
process to calculate and report emissions and found that the
restated numbers in 2018 Annual Report were appropriately
calculated. They have issued suggestions to further strengthen the
process which Cadogan is implementing.
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
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