CAD Cadogan Energy Solutions Plc

 
TIDMCAD 
 
Press Release 
 
10 February 2020 
 
This announcement contains inside information as defined under the Market Abuse 
Regulations n. 596/2014 
 
                             Cadogan Petroleum Plc 
 
                         ("Cadogan" or the "Company") 
 
                              Operational Update 
 
Cadogan Petroleum plc, the London Stock Exchange listed independent oil and gas 
company, is pleased to provide the following operational update post year-end. 
 
Net production for 2019 averaged 288 boepd, which is 15% above average 
production in 2018 and 86% above average production in 2017. 
 
The increase in production was achieved despite a 30-day shutdown of Blazhiv 
oil field (formerly Monastyrestka license) in November and December 2019, and 
the shutdown of Blazhiv-3 and Blazhiv-Monastyrets-3 wells, due to the expiry of 
the lease contract. The extension of this contract is currently being 
negotiated and is expected to be finalised soon. 
 
Operations, which included drilling the successful Blazh-10 well, were 
delivered in an incident free working environment. Emissions to the atmosphere 
increased to 85.7 tons of CO2 equivalent/boe. Actions are currently being 
performed to reduce the intensity ratio. 
 
Production for 2019 was sold at an average price of $47/boe, which is 
approximately 10 % lower than in the previous year, in line with lower average 
global crude prices. 
 
The conversion of the Monastyrestksa exploration license into the 20-year 
Blazhiv production license was successfully completed, while the process for 
the Bitlyanska 20-year exploration and production license is at the final 
stage. The Company has already secured all intermediary approvals, including 
those from the regional authorities and is expecting the decision of the 
Licensing Authority of Ukraine. Further updates with regards to the Bitlyanska 
exploration and production license, as well as the Blazhiv-3 and 
Blazhiv-Monastyrets-3 lease negotiations will be announced as and when 
appropriate. 
 
                                     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 
 
Cantor Fitzgerald Europe, Broker to Cadogan Petroleum plc 
 
David 
Porter 
+44 (0) 20 7894 7000 
 
 
 
END 
 

(END) Dow Jones Newswires

February 10, 2020 02:00 ET (07:00 GMT)

Cadogan Energy Solutions (LSE:CAD)
Historical Stock Chart
From Jun 2024 to Jul 2024

Cadogan Energy Solutions (LSE:CAD)
Historical Stock Chart
From Jul 2023 to Jul 2024