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CAD Cadogan Energy Solutions Plc

2.10
0.00 (0.00%)
Last Updated: 08:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Cadogan Energy Solutions Plc LSE:CAD London Ordinary Share GB00B12WC938 ORD 3P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 2.10 2.00 2.20 2.10 2.10 2.10 0.00 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Drilling Oil And Gas Wells 7.55M 1.26M 0.0052 4.04 5.13M

CADOGAN PETROLEUM PLC - Interim Management Statement

17/05/2013 10:37am

PR Newswire (US)


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17 May 2013

               Cadogan Petroleum plc ("Cadogan" or "the Group")

   Interim Management Statement for the period from 1 January to 17 May 2013


Introduction

Cadogan published its Annual Financial Report for 2012 on 25 April 2013.

Financial position

At 17 May 2013 the Group had current cash and cash equivalents of approximately $66.8 million.



Operations

The Group continued to operate safely and efficiently throughout the period.

As outlined in the Annual Report in the Chairman's Statement and Chief Executive's Review (and as notified on 25 April 2013), in 2012 the Company overhauled its technical operations and sub surface exploration teams in light of disappointing results on its Pokrovskoe and Zagoryanska licences. Following completion of that process we continue to re-focus our operations on those licences where management believes that new and potentially economically viable prospects exist.

Rig site preparation to re-enter the Borynya 3 well is almost complete and the Group's Astro Service rig is expected to be ready on location at the beginning of June. The gas shows, evident from previous logging and drilling data, are encouraging albeit further work will be needed to ascertain the commercial viability of the prospect. On the Monastyretska licence in Western Ukraine, operations at the Blazhiv 1 well continue to demonstrate positive results. After an initial period of production at 5 cubic metres per day, the well is now stabilised at 3.5 cubic metres per day and an evaluation for further improvement, as well as the re-entry of a further two wells, is ongoing. In Zag 3 an intervention to open the V19 level to production was completed but testing did not produce gas at a commercial rate. V18 produced gas at a low rate and we are in the process of evaluating a rig-less chemical wash intervention to enhance production. Work with our joint venture partner Eni on assessing the Zagoryanska and Pokrovskoe licences continues. In general our Ukrainian operations in 2013 are expected to focus on shallow prospects in our western assets that require less capital intensity than our eastern, deep prospects.

Shale Gas

Studies are ongoing on our 3,800 acre position in the Lviv Basin, with the aim of defining the best area to start the operations for the first exploration well.



Litigation

As previously announced, Cadogan has reached a settlement with Global Process Systems LLC ("GPS") by way of an Agreement with GPS for the purchase of two gas processing plants for the sum of $29.5 million. The completed sale represents a full and final settlement of all claims and liabilities between the two parties.



Service Business

Partly in order to remedy what we perceive as a shortage of adequate investment in technical services in the Ukrainian oil and gas sector, Cadogan has invested limited resources in oilfield services in Ukraine. This initiative has generated over US$500,000 gross revenues for the Group in the past 6 months and we expect this trend to continue and even increase over time. We are currently assessing a number of alternatives to facilitate accelerated growth in this developing business area.




Enquiries to:

Cadogan Petroleum Plc +380 44 584 4979

Bertrand des Pallieres

Chief Executive Officer

Cantor Fitzgerald Europe +44 (0) 20 7894 7000

David Porter

Richard Redmayne

Bankside Consultants +44 (0) 207 367 8888

Simon Rothschild

Copyright y 17 PR Newswire

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