Cadogan Petroleum Well Update

 
TIDMCAD 
 
Press 
Release 
                        30 May 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") 
 
          Well Blazh-10: Confirms High Productivity on Extended Test 
 
 
 
Cadogan Petroleum plc ("Cadogan"), an independent, diversified oil & gas 
company listed on the main market of the London Stock Exchange, is pleased to 
report the extended well test on Blazh-10 has confirmed the high productivity 
of the well, with production of 275 bpd on a 26/64" choke. 
 
Based on the test result, the Company has decided to continue producing the 
well in natural flow at 275 bpd and to monitor it regularly. With the addition 
of the Blazh 10 well, oil production from the Monastyretska licence has now 
surpassed 500 bpd. The extended well test provides a more accurate picture of 
the sustainable rate of production, as previously outlined. 
 
The well test started on May 18, once the drilling contractor left the site, 
with a restricted flow on three different chokes. The well produced 98, 133 and 
181 bpd of oil in natural flow respectively on  8/64", 10/64" and 13/64" 
chokes; the flow period was followed by a 36 hours  pressure build-up which has 
shown that the well is in communication with nearby wells and has no close 
barrier. 
 
Oil samples were then collected down hole upon completion of the of the 
multi-rate well test and subsequently a production log recorded. This latter 
survey has shown that the contributing perforations are evenly distributed 
across the entire net pay. 
 
Guido Michelotti, Cadogan Petroleum CEO, commented: 
 
"This is an extremely good result for the Company. The well not only meets the 
Company's license commitments, it also adds significantly to Cadogan's overall 
production. The Blazh-10 well set a benchmark for drilling in the local area 
and it is producing on natural flow at a rate that is substantially greater 
than the Company's other wells on the license". 
 
                                    -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 
 

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May 30, 2019 02:00 ET (06:00 GMT)