Cadogan Petroleum Operations Update

 
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                   [phone] 
 
Guido Michelotti, Chief Executive 
Officer 
Marta Halabala, Company Secretary 
 
Cantor Fitzgerald Europe                [phone] 
 
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 
 

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April 12, 2016 05:35 ET (09:35 GMT)