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Freitag,
23.03.2018 12:10
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PR Newswire
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Cadogan Petroleum Plc - Operations Update
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PR Newswire
London, March 22
| 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”)
Update on results of
Blazh-3 well work-over
Cadogan Petroleum plc (“Cadogan”), an independent, oil & gas company listed on the London Stock Exchange, is pleased to announce that production from the Blazh-3 well in the Monastyretska license has increased from 45 bpd to circa 125 bpd following the successful completion of a work-over to re-perforate some of the old intervals and open new ones.
The Blazh-3 well is being monitored in order to decide on whether additional well operations are advisable before the installation of a sucker rod pump, which is expected to further increase its production.
This work-over is the second in a program of three and follows the successful stimulation of Blazh-1 well, in February, which nearly doubled its production rate. As a result of this activity, Cadogan’s current production (oil and gas combined) has exceeded 300 boepd (290 boepd net to Cadogan).
The Monastyretska license is located in the L’viv region of Western Ukraine. Oil produced from the field has a negligible gas and water content, is treated locally and exported by truck by the buyers. The Group is the owner of the license. The Blazh-3 well is rented from Ukrnafta, which had drilled it in the 90s’.
Commenting, Guido Michelotti, CEO of Cadogan, said:
“This is a very encouraging start to the work over programme, with two of the three wells seeing considerable increases in production rates that put the Company ahead of production expectations for the year”
-ENDS-
About
Cadogan is an independent oil and gas company which operates exploration and production licenses in Western Ukraine, conducts gas trading operations, and provides services to E&P companies.
Ukrnafta is the largest oil producer in Ukraine. They operate 82 licences and own a fleet of 46 drilling rigs.
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 | ||
| David Porter | +44 (0) 20 7894 7000 |
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