Cadogan Petroleum Trading Update

 
TIDMCAD 
 
Press Release 
 
8 October 2019 
 
                             Cadogan Petroleum Plc 
 
                         ("Cadogan" or the "Company") 
 
                                Trading update 
 
Cadogan Petroleum plc ("Cadogan"), an independent, diversified oil & gas 
company listed on the main market of the London Stock Exchange, is pleased to 
provide the following update on its activities in Ukraine. 
 
On the Monastyretska licence, a new sucker rod pump has been installed on the 
Blazh 10 well. The previous sucker rod pump was not functioning correctly and 
has been removed. 
 
The installation of a new pump was used as an opportuntity to record a pressure 
build-up followed by a production log. The analysis of the build-up highlighted 
a decrease of the well productivity index, while the production log has 
confirmed the profile which had been recorded in May. 
 
The well has been put on production at 185 bpd of oil, while seeking a coliled 
tubing unit to perform a stimulation of the well and enhance its productivity. 
With the Blazh-10 well in its current production regime, the field is 
producing 400 bpd of oil. 
 
The application to convert the Monastyretska license to a production licence is 
following its due process, which is managed by the State Geological Service of 
Ukraine. The process includes a review and the approval of  the Regional 
Council of L'viv and of the Ministry of Ecology. Furthermore, the Company has 
filed the application for a 20 year license for the Bitlyanska licence. Both 
applications are expected to be reviewed by L'viv Regional Council this month. 
 
Cadogan's local subsidiary, USENCO, has signed MoU's for social projects with 
the representatives of the two district councils where Monastyretska license is 
located. 
 
DNV GL, a leading provider of risk management and quality assurance services, 
has conducted a third-party review of the process to calculate and report 
emissions and found that the restated numbers in 2018 Annual Report 
were appropriately calculated. They have issued suggestions to further 
strengthen the process which Cadogan is implementing. 
 
                                     ENDS 
 
About 
Cadogan is an independent, diversified oil and gas company, which operates 
exploration and production licenses in Western Ukraine, conducts gas trading 
operations, and provides services to E&P companies. 
 
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] 
 
 
 
END 
 

(END) Dow Jones Newswires

October 08, 2019 02:00 ET (06:00 GMT)