Cadogan Petroleum Operational Update

 
TIDMCAD 
 
Cadogan Petroleum Plc 
                         ("Cadogan" or the "Company") 
 
                              Operational update 
 
Cadogan Petroleum plc ("Cadogan" or the "Company") is pleased to announce the 
successful re-entry of two old, suspended wells drilled in its Monastyretska 
licence. The wells, which have been rented from Ukrnafta under a profit sharing 
agreement, are currently producing a combined 30 barrels of oil per day under 
natural flow. Both wells are under monitoring before proceeding with the 
installation of sucker rod pumps in order to increase their production rates. 
 
These well re-entries are part of Cadogan's strategy of increasing production 
from its Ukrainian licences via a disciplined deployment of its financial 
resources as an efficient, low-cost operator of marginal fields. 
 
About 
 
Cadogan is an independent oil and gas company. Cadogan operates exploration and 
production licenses in Ukraine, conducts gas trading operations, and provides 
services to E&P companies. 
 
Ukrnafta is the largest oil company in Ukraine, contributing 67.9% of the 
nation's oil and gas condensate production (2015 data). Ukrnafta also owns one 
of the largest filling stations network in Ukraine. 
 
For further information, please contact: 
 
Cadogan Petroleum plc 
Guido Michelotti, Chief Executive Officer 
[phone] 
 
Ben Harber, Company Secretary 
[phone] 
 
Cantor Fitzgerald Europe 
[phone] 
David Porter 
Sarah Wharry 
 
 
 
END 
 

(END) Dow Jones Newswires

March 07, 2017 02:00 ET (07:00 GMT)