Cadogan Petroleum Well Update

 
TIDMCAD 
 
Press 
Release 
25 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") 
 
                   Successful clean-up flow of Blazh-10 well 
 
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 produced oil to the surface at an estimated 
rate of about 150 bpd during clean-up. 
 
The perforated interval covers the entire Yamna formation, with log 
interpretation confirming it is all oil bearing with a net pay of 156 meters. 
High penetration charges were deployed on a TCP gun run in hole via drill 
pipes. The pay zone was subsequently washed with acid to remove potential 
formation damage from mud filtrate and a clean-up flow started. The well has 
flowed an average rate of 150 bpd of oil during the last 24 hours of clean up. 
The well has already been connected to the oil tanks in the area of the Blazh 
Mon 3 well and the produced hydrocarbons will be diverted from the test tank 
into the Blazh-Mon 3 tanks at the end of the clean-up. 
 
Clean-up will continue while the drilling contractor demobilizes. A full well 
testing program, inclusive of oil sampling and PLT, will be executed upon full 
demobilization of the drilling rig. Subsequently, the Company intends to 
install a sucker rod pump. 
 
The interpretation of the logs has also identified another 15 meters of 
potential net pay at 2700 meters depth in the Bystrycia formation. This 
potential pay zone will not be tested as the well has been completed as a Yamna 
producer. 
 
Updates will be provided as and when appropriate. 
 
The Blazh-10 well is located in the Company's Monastyretska license, in the 
west of Ukraine near the border with Poland. The Yamna sandstone is the 
producing formation for the Company's three existing wells on the license. 
 
Guido Michelotti, Cadogan Petroleum CEO, commented: 
 
"The results of Blazh-10 are far encouraging. The pay zone is on the high range 
of values for a success scenario and the well has already produced oil in 
commercial quantities during the clean-up in natural flow. We look forward with 
optimism to the testing results to have confirmation that the well production 
capacity is also on the high end of pre-drill expectations". 
 
                                    -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 25, 2019 07:05 ET (11:05 GMT)