Cadogan Petroleum Operations Update

 
TIDMCAD 
 
CADOGAN PETROLEUM PLC 
 
                           Cadogan Operations Update 
 
The Company can confirm that there have been no disruptions to its operations 
or to the effective management of its licences during the recent period of 
instability. 
 
Eastern Licences 
 
Our recent analysis shows great promise in the upper intervals, in particular 
in Pirkovskoe. Following a thorough study of Direct Hydrocarbon Indicators 
(DHI) and 3D Amplitude Versus Offset (AVO) reconnaissance, a drillable prospect 
has been identified and its characterization is currently underway, showing 
good prospectivity and significant potential size. 
 
Western Licences 
 
In Debeslavetska, all the updated DHI reconnaissance technologies have 
similarly been applied with so far interesting results. Following some minor 
delay due to the current instability in the region, the 2D seismic acquisition 
was completed at the end of March. Three new drillable prospects have now been 
identified with the best of them currently undergoing further scrutiny. 
 
In addition some relatively deeper (circa. 600m) potential horizons now appear 
likely and if our analysis proves correct, will significantly improve potential 
resources in the area. 
 
The first well in Debeslavetska will be drilled in late September of this year 
and the eventual tie-in to the existing production facilities will take 
approximately 4 weeks. 
 
In Monastyretska the planned formation light stimulation was successfully 
completed in mid March, immediately increasing production from 20 to 30 bopd. 
On May 13th a sucker rod pump was installed and performance tests are currently 
ongoing. First results are expected by the end of next week. 
 
Negotiations with local operators for the acquisition of two further, existing 
wells, with the aim to bring them back to production, are currently underway. 
Performance monitoring of these three wells will give the Company a better 
understanding of the reservoir characteristics and behaviour, allowing us to 
formulate future plans to increase production further. 
 
 
Enquiries: 
 
Cadogan Petroleum Plc                                    [phone] 
 
Bertrand des Pallieres    Chief Executive Officer 
Laurence Sudwarts         Company Secretary 
 
Cantor Fitzgerald Europe                                 [phone] 
 
David Porter 
Richard Redmayne 
 
 
 
END