Cadogan Petroleum License Application

 
TIDMCAD 
 
Press Release 
3 July 2019 
 
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") 
 
      Monastyretska license: application for a 20-year production license 
 
 
Cadogan Petroleum plc ("Cadogan"), an independent, diversified oil & gas 
company listed on the main market of the London Stock Exchange, is pleased to 
report that its local subsidiary has filed the application for a 20-year 
production license for its Monastyretska license.  The production license has 
been named Blazhiv field. 
 
The application has been filed with the State Geological Services of Ukraine 
nearly five months ahead of the expiry date of the current exploration license, 
which is November 18, 2019 as the Company has already secured the approval of 
the set of documents to be attached to the application, namely: 
 
  * A report from the Control Department of the State Geological Services of 
    Ukraine that there were no breaches throughout the exploration period. 
 
  * The approval of the Reserves Report by the State Commission of Reserves. 
 
  * The approval of the Environmental Impact Assessment study by the Ministry 
    of Ecology. 
 
The Company will make a further announcement regarding the license application 
as and when appropriate. 
 
Guido Michelotti, Cadogan Petroleum CEO, commented: 
 
"This is an important step towards stabilizing the future of our company in 
Ukraine. We have filed the application well ahead of the deadline  in order to 
allow sufficient time for a seamless transition between the exploration and the 
production licenses". 
 
About 
 
Monastyretska license produces about 460 bpd of oil from four wells. The 
installation of a sucker rod pump with a scraper on the recently drilled Blazh 
10 well is being considered to slightly increase its oil production, while 
reducing the frequency of hot oil washes to dissolve paraffin deposition in the 
tubing. 
 
Based on the reservoir simulation study conducted last year, Monastyretska 
license can produce up to 3.5 million barrels of oil with a further 2.1 million 
barrels coming from the implementation of a water injection scheme. 
 
                                    -ENDS- 
 
For further information, please contact: 
 
Cadogan Petroleum plc 
 
Guido Michelotti        Chief Executive Officer      [phone] 
 
Ben Harber              Company Secretary            [phone] 
 
Cantor Fitzgerald       Broker to Cadogan Petroleum 
Europe                  plc 
 
David Porter                                         [phone] 
 
 
 
END 
 

(END) Dow Jones Newswires

July 03, 2019 09:56 ET (13:56 GMT)