Cadogan Petroleum Operational Update

 
TIDMCAD 
 
Press Release 
       9 April 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") 
 
Cadogan Petroleum plc ("Cadogan"), an independent, diversified oil & gas 
company listed on the main market of the London Stock Exchange, is pleased to 
announce that the Blazh-10 well has encountered 207 meters of the Yamna target 
formation, at a depth 50 meters higher than prognosis and in the predicted sub 
vertical setting. 
 
Cores taken from the upper part of the Yamna and a preliminary interpretation 
of the open hole logs suggest that the entire Yamna section could potentially 
be oil bearing. The well is being conditioned to run and cement a 7" casing, 
which will be followed by well testing. Full log interpretation and testing 
results will determine the net pay and the expected deliverability of the well. 
Further updates will be provided in due course. 
 
The well reached its TD of 3394 m at a cost which was 10% higher than budgeted 
due to severe hole instability challenges which were experienced while 
drilling. 
 
The Blazh-10 well is located in the Company's Monastyretska license, in the 
west of Ukraine near the border with Poland. The Yamna sandstones is the 
producing formation for the Company's three existing wells on the license. 
 
Guido Michelotti, Cadogan Petroleum CEO, commented: 
 
"The initial results of Blazh-10 are encouraging; we look forward to testing 
the well and providing further updates on progress. The well is a testimony to 
Cadogan's operational excellence and creates a local benchmark as it has been 
drilled in about a fifth of the time taken to drill the fastest of the nearby 
wells and some 10% of their average time". 
 
                                    -ENDS- 
 
For further information, please contact: 
 
Cadogan Petroleum plc 
 
Guido Michelotti             Chief Executive Officer    [phone] 
 
Ben Harber                   Company Secretary          [phone] 
 
Cantor Fitzgerald Europe     Broker to Cadogan Petroleum 
                             plc 
 
David Porter                                            [phone] 
 
Nick Tulloch 
 
 
 
 
END 
 

(END) Dow Jones Newswires

April 09, 2019 11:09 ET (15:09 GMT)