Cadogan Petroleum Operations Update
April 12 2016 - 4:35AM
UK Regulatory
TIDMCAD
CADOGAN PETROLEUM PLC
Operations Update
12 April 2016
Cadogan Petroleum plc ("Cadogan" or the "Company"), an independent oil and gas
exploration, development and production company with onshore gas, condensate
and oil assets in Ukraine, is pleased to advise that Brend Vik has completed
its re-evaluation of the Company's reserves and resources in Ukraine.
A summary of the revised reserves and resources as at 31 December 2015 is
presented in the table below:
Reserves & Resources (MMboe) (net to
Cadogan)
Licence Type Working Area (km2) Current net 3P reserves 2C Best Expiry date
interest production contingent estimate
(%) (boepd) resources prospective
resources
Monastyretska Oil 99.2 25 48 4.5 0.6 0.2 Nov. 2019
Debeslavetska (Production) Gas 99.2 27 60 0.2 0.1 Nov. 2026
Debeslavetska (Exploration) Gas 99.2 218 Sept. 2016
Cheremkhivska Gas 54.2 119 16 0.01 0.6 May. 2018
Bitlyanska Gas & 99.2 390 3.2 14.8 4.5 Dec. 2019
Condensate
Slobodo Rungurska Oil 100 101 3.5 Apr. 2016
Pokrovska Gas & 70 50 0.8 14.7 0.6 Aug. 2016
Condensate
Total current licences 930 124 8.7 30.1 9.5
Pirkovska Gas & Cond 100 88 12.7 6.2 5.0 *Expired
Zagoryanska Gas & Cond 100 34 1.6 2.6 **Expired
Total licences subject to renewal 122 14.3 8.8 5.0
Total 1,052 124 23.0 38.9 14.5
* Application for 20 year production licence filed
** Application for a 20 year production licence filed by Cadogan only (100%
P.I.) as Eni elected not to do so
The evaluation has broadly confirmed the Company's 1P reserves at 0.4 MMboe and
has identified 3P reserves and 2C contingent resources which are significantly
greater than Management estimates as notified on 22 December 2015 (and detailed
in Appendix A). This increase is primarily concentrated in the Monastyretska
and Bitlyanska licenses in Western Ukraine. This is offset by a downward
revision of the best estimate prospective resources across the portfolio which
is primarily concentrated in the three Eastern Ukraine licenses. This downward
revision is principally a result of the low oil price environment and a more
conservative interpretation of the available geological and geophysical data.
In conjunction with this update, the Company is pleased to advise that it has
today published an updated Company presentation reflecting the revised figures
which is available on its website at: www.cadoganpetroleum.com
Guido Michelotti, CEO, commented:
"We are pleased with the significant upward revision of the Monastyretska and
Bitlyanska reserves against previous management estimates, which will prolong
the life of the Company's producing fields and provide access to further
production upside. Cadogan intends to work towards exploiting this upside while
maintaining our focus on exercising financial discipline, in order to preserve
our cash resources for further growth opportunities in the current oil price
environment."
Enquiries:
Cadogan Petroleum plc +380 (44) 594 5870
Guido Michelotti, Chief Executive
Officer
Marta Halabala, Company Secretary
Cantor Fitzgerald Europe +44 (0) 20 7894 7000
David Porter
Sarah Wharry
Appendix A
Management reserves and prospective resources estimates, 22 December 2015
Reserves & Resources (MMboe) [(net
to Cadogan)]
Licence Type Working interest Area Current 3P reserves 2C Best
(km2) net contingent estimate
production resources prospective
(boepd) resources
Eastern Pokrovska Conventional gas 70.0 50 - 2.6 - 73.6
Ukraine
Pirkovska Conventional gas 100.0 72 - 11.3 6.6 67.9
Zagoryanska Conventional gas 100.0 50 - 1.6 2.2 -
Western Monastyretska Conventional oil 99.2 26 48 2.7 - 3.0
Ukraine
Debeslavetska Conventional gas 99.2 27 66 0.8 - -
(prod.)
Debeslavetska Conventional gas 99.2 218 - - - 1.0
(exp.)
Cheremkhivska Conventional gas 53.4 119 8 0.2 -
Bitlyanska Conventional oil 99.8 390 - - 1.2 66.6
Slobodo Conventional oil 100.0 101 - - - 8.0
Rungurska
Total 1,052 122 19.2 10.1 220.0
END
(END) Dow Jones Newswires
April 12, 2016 05:35 ET (09:35 GMT)