Cadogan Energy Solutions Share Discussion Threads

[911man] 23/7/2019 09:22

Clarity of why the CEO left would be helpful. I always thought the Proger deal was odd so would be nice to see that my fears are unfounded.

Regarding the share price. I have been in this one (in varying amounts - some pretty big back in the earlier days)but though I would reduce to a nominal holding just to keep aware. Sometime, something will happen to get a more robust share price movement. But this last movement showed that people get really bored, really easily.

[spangle93] 23/7/2019 01:53

Brumbrum - thanks for sharing your detailed projections. I think they are as good as anyone can do at this stage. I think 2019 is much firmer, because we know that there will be no more new meaningful contributions to production in this period.

If you want to refine it, you could add 5-10% downtime (e.g. see the comments about wax build up and rod replacement) which is common. Also, I don't know whether anything changes fiscally if they get the 20-year licence: maybe not here, but it does in Kazakhstan. And then at some stage later in the year, the new CEO will have his (can't see it being a her) ideas on taking the company forward.

There is also the trading and oil services companies, but they are pretty minor in comparison.

Yes, the E&P business is profitable and I believe that new developments can be funded out of cash reserves, without the need to raise money.

For 2020 it's of course much more challenging to predict. I think you'd need some kind of decline curve on production (though to balance that, you've not included any new production from planned wells).

The big question is what would it take to shift the depressing share price

[brumbrum79] 22/7/2019 13:31

2020 Forecast - E&P (Oil Production)
* Oil Production 2020 -5% y/y -> 435 Bbls/day (ex 460 Bbls/day 2019)

2020
Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec
Oil Production Bbls Daily
435 435 435 435 435 435 435 435 435 435 435 435
Oil Production Bbls Monthly
13485 12180 13485 13050 13485 13050 13485 13485 13050 13485 13050 13485

Oil Production Yearly Bbls 158775

Brent Crude Oil Monthly Average Price $
60,00 60,00 60,00 60,00 60,00 60,00 60,00 60,00 60,00 60,00 60,00 60,00
Discount on Brent $
20 20 20 20 20 20 20 20 20 20 20 20
UA Crude Oil Price $
40 40 40 40 40 40 40 40 40 40 40 40

E&P Gross Revenues Usd$
17.400 17.400 17.400 17.400 17.400 17.400 17.400 17.400 17.400 17.400 17.400 17.400 Yearly
E&P Gross Revenues Monthly Usd$
539.400 487.200 539.400 522.000 539.400 522.000 539.400 539.400 522.000 539.400 522.000 539.400
E&P Gross Revenues Yearly Usd$ 6.351.000

Production Taxes/Fees %
38,25% 38,25% 38,25% 38,25% 38,25% 38,25% 38,25% 38,25% 38,25% 38,25% 38,25% 38,25%
Production Taxes/Fees Total Monthly Usd$
206.321 186.354 206.321 199.665 206.321 199.665 206.321 206.321 199.665 206.321 199.665 206.321
Production Taxes/Fees Total Yearly Usd$ 2.429.258

Production Taxes/Fees Total Bbl/Usd$
15,30 15,30 15,30 15,30 15,30 15,30 15,30 15,30 15,30 15,30 15,30 15,30 15,30

Net Revenues Monthly/Usd$
333.080 300.846 333.080 322.335 333.080 322.335 333.080 333.080 322.335 333.080 322.335 333.080
Net Revenues Yearly/Usd$ 3.921.743

Net Revenues Bbl/Usd$
24,70 24,70 24,70 24,70 24,70 24,70 24,70 24,70 24,70 24,70 24,70 24,70 24,7

OPEX Net Bbl/Usd$
15,75 15,75 15,75 15,75 15,75 15,75 15,75 15,75 15,75 15,75 15,75 15,75 15,75
OPEX Net Monthly Usd$
212.389 191.835 212.389 205.538 212.389 205.538 212.389 212.389 205.538 212.389 205.538 212.389
OPEX Net Yearly Usd$ 2.500.706

Gross Profit A/”Ebitda̶1; Usd$
120.691 109.011 120.691 116.798 120.691 116.798 120.691 120.691 116.798 120.691 116.798 120.691
Gross Profit A/"Ebitda" Yearly Usd$ 1.421.036

Gross Profit A/"Ebitda" Bbl/Usd$
8,95 8,95 8,95 8,95 8,95 8,95 8,95 8,95 8,95 8,95 8,95 8,95 8,95
Gross Profit A/”Ebitda̶1; Margin
22,38% 22,38% 22,38% 22,38% 22,38% 22,38% 22,38% 22,38% 22,38% 22,38% 22,38% 22,38%
Gross Profit A/”Ebitda̶1; Margin Yearly 22,38%

D&A Monthly Usd$
58.333 58.333 58.333 58.333 58.333 58.333 58.333 58.333 58.333 58.333 58.333 58.337
D&A Yearly Usd$ 700.000

D&A Bbl/Usd$
4,33 4,79 4,33 4,47 4,33 4,47 4,33 4,33 4,47 4,33 4,47 4,33 4,41

Tot. Production Cost (OPEX Net + D&A) Bbl/Usd$ excluded Prod. Taxes/Fees 20,08 20,54 20,08 20,22 20,08 20,22 20,08 20,08 20,22 20,08 20,22 20,08 20,16

Gross Profit B/”Ebit” Monthly Usd$
62.358 50.678 62.358 58.465 62.358 58.465 62.358 62.358 58.465 62.358 58.465 62.354
Gross Profit B/”Ebit” Yearly Usd$ 721.036

Gross Profit B/”Ebit” Bbl/Usd$
4,62 4,16 4,62 4,48 4,62 4,48 4,62 4,62 4,48 4,62 4,48 4,62 4,54
Gross Profit B/”Ebit” Margin
11,56% 10,40% 11,56% 11,20% 11,56% 11,20% 11,56% 11,56% 11,20% 11,56% 11,20% 11,56%
Gross Profit B/”Ebit” Margin Yearly 11,35%

2020 E&P Forecast - Assumptions:
* Oil Production 2020 -5% y/y -> 435 Bbls/day (ex 460 Bbls/day 2019);
* Brent Crude Oil Average Price 60$/Bbl - Discount price 20$/Bbl;
* Production Taxes/Royalties/Rent Fees flat (38,25% as 2019);
* D&A 2020 (Monastyretska license/wells ->500/525$K; Other PP&E ->200/175$K);
* 2020 E&P Forecast in the do-nothing scenario (existing 4 Producing Oil wells: BM-3; Blazh-1; Blazh-3; Blazh-10) -> No New Investments (spud/drill new well/wells) in the E&P Segment (Monastyretska License; Bytlianska License)...
But we know very well the E&P Projects/Pipeline is good enough (Blazh-21 well [Oil] -> Sidetrack of the existing Blazh-2 well in Monastyretska; Workovers of 2 existing Wells [1 Oil; 1 Natural Gas] + Spud/Drill 2 New Wells [1 Oil - Vovche-4 well; 1 Natural Gas - Borynia-4 well] in the Bytlianska license);

Based on Forecast the E&P Business Unit is profitable or seems to be profitable

Considerations/Opinions/Views about 2019 E&P Business Unit Estimation & 2020 E&P Business Unit Forecast??

ByeBye

[brumbrum79] 22/7/2019 00:26

An Estimation...

Cadogan E&P 2019 (OIL Production - E&P Business Unit)

2019
Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec
Oil Production Bbls Daily
212 212 212 212 212 460 460 460 460 460 460 460
Oil Production Bbls Monthly
6572 5936 6572 6360 6572 13800 14260 14260 13800 14260 13800 14260
Total Production 2019: 130.452 BBls

Brent Crude Oil Monthly Average Price $
59,41 63,96 66,14 71,23 71,32 64,22 64,73 62,00 62,00 62,00 62,00 62,00
Discount on Brent $
20 20 20 20 20 20 20 20 20 20 20 20
UKraine Crude Oil Price $
39,41 43,96 46,14 51,23 51,32 44,22 44,73 42 42 42 42 42

Gross Revenues Monthly $ (Jan-Dec)
259.003 260.947 303.232 325.823 337.275 610.236 637.850 598.920 579.600 598.920 579.600 598.920 -> Gross Revenues Yearly $ 5.611.789


Production Taxes/Fees %
38,25% 38,25% 38,25% 38,25% 38,25% 38,25% 38,25% 38,25% 38,25% 38,25% 38,25% 38,25%

PT&F Tot.$ (Jan-Dec)
99.068 99.812 115.986 124.627 129.008 233.415 243.978 229.087 221.697 229.087 221.697 229.087 -> Yearly $ 2.176.549

PT&F Bbl (Jan-Dec)
15,07 16,81 17,65 19,60 19,63 16,91 17,11 16,07 16,07 16,07 16,07 16,07

Net Revenues $ (Jan-Dec)
159.934 161.135 187.246 201.196 208.267 376.821 393.872 369.833 357.903 369.833 357.903 369.833 -> Yearly $ 3.513.776

Net Revenues Bbl/$ (Jan-Dec)
24,34 27,15 28,49 31,63 31,69 27,31 27,62 25,94 25,94 25,94 25,94 25,94

OPEX Net Bbl/$ (Jan-Dec)
15,75 15,75 15,75 15,75 15,75 15,75 15,75 15,75 15,75 15,75 15,75 15,75
OPEX Net $ (Jan-Dec)
103.509 93.492 103.509 100.170 103.509 217.350 224.595 224.595 217.350 224.595 217.350 224.595 -> OPEX Net Yearly $ 2.054.619

Gross Profit A/”Ebitda̶1; $ (Jan-Dec)
56.425 67.643 83.737 101.026 104.758 159.471 169.277 145.238 140.553 145.238 140.553 145.238 -> Gross Profit A/”Ebitda̶1; Yearly $ 1.459.157

Gross Profit A/”Ebitda̶1; $/Bbl
8,59 11,40 12,74 15,88 15,94 11,56 11,87 10,19 10,19 10,19 10,19 10,19

Gross Profit A/”Ebitda̶1; Margin 21,79% 25,92% 27,61% 31,01% 31,06% 26,13% 26,54% 24,25% 24,25% 24,25% 24,25% 24,25%

D&A $ (Jan-Dec)
35.417 35.417 35.417 35.417 35.417 58.333 58.333 58.333 58.333 58.333 58.333 58.337 -> D&A Yearly $ 585.420

D&A $/Bbl
5,39 5,97 5,39 5,57 5,39 4,23 4,09 4,09 4,23 4,09 4,23 4,09

Tot. Prod. Cost (OPEX Net+D&A) $/Bbl
21,14 21,72 21,14 21,32 21,14 19,98 19,84 19,84 19,98 19,84 19,98 19,84

Gross Profit B/”Ebit” $ (Jan-Dec)
21.008 32.226 48.320 65.609 69.341 101.138 110.944 86.905 82.220 86.905 82.220 86.901 -> Gross Profit B/"Ebit" Yearly $ 873.737

Gross Profit B/”Ebit” $/Bbl
3,20 5,43 7,35 10,32 10,55 7,33 7,78 6,09 5,96 6,09 5,96 6,09

Gross Profit B/”Ebit” Margin
8,11% 12,35% 15,93% 20,14% 20,56% 16,57% 17,39% 14,51% 14,19% 14,51% 14,19% 14,51%
-----------------------------------------------------------------------------
Production Taxes/Fees included: Production royalties and taxes (Oil well 31%), fees paid for the rented wells and other direct taxes (estimated 7,25%);
OPEX Net included: direct staff and other costs for exploration and development, utilities (electric energy/fuel..) for E&P Assets, direct administrative expenses;
D&A included: depreciation and depletion of Oil&Gas Assets, depreciation of Other property, plant and equipment;

* The Unallocated administrative expenses is an "open problem" because:
1) I don't know how many Cadogan's employees was transfered to WGI in January 2019 together with Deb&Cher (licences) natural gas fields/assets (reference to Cadogan Petroleum RNS 12/11/2018 - exit from the shale gas project);
2) Unallocated admin. expenses 50-50% between O&G and NG Trading? or based on their respective Gross Revenues?

* I didn't/don't consider the VAT Recoverable in the above estimation.
_______________________________________________________________________________

Based on estimation the E&P Business Unit is profitable or seems to be profitable.
Gross Profit A Margin >20% -> with Brent Crude Price =/>60$/Bbl and discount price 20$/Bbl;
Gross Profit B Margin >12% -> with Brent Crude Price =/>60$/Bbl and discount price 20$/Bbl;

Estimated Gross "Cash Flow" E&P Business +1.400.000/+1.450.000 $ (Gross Profit A)

_______________________________________________________________________________
# the Brent Crude Price of July 2019 is the average price until 21/07/2019;
* Cadogan Petroleum Average Released Price 2016-2018 43,30 $/BOE (2016: 37,15$ - 2017: 41,6$ - 2018: 51,3$);
* E&P Break-Even Point estimated in the range 34-35$/Bbl (Production Taxes/Royalties/Rent Fees included + D&A);
________________________________________________________________________________

ByeBye

[spangle93] 18/7/2019 15:22

Brumbrum. No problem at all regarding his nationality.

But board and senior management appointments in this sector only rarely are chosen through a recruitment consultancy search, and are more likely to be filled by personnel already known to the incumbents. Hence since half the board is Italian, the company has a stake in an Italian engineering company, plus other pointers to links to ENI, it wouldn't be surprising if the new appointee fitted this culture.

[brumbrum79] 18/7/2019 14:43

TargaTarga until today we know this.

Cadogan's Press Release 27 September 2018

'The Monastyretska reservoir study has been completed, as planned. The study has highlighted significant upside potential from infill drilling and the implementation of a water injection scheme.
The study predicts that infill drilling can add up to 2.3 million barrels (MBbl) to the cumulative production of a do-nothing scenario with a further 2.1 MBbl coming from the implementation of water injection.
Future cumulative production of a do-nothing scenario, i.e. from the three exsting wells only, is predicted to be 1.2 MBbl and is in line with the current estimation of 2P reserves.

The study has been conducted using a reservoir simulation model validated by matching the historical performances of the existing three producing wells.
An assessment of the cost of the various scenarios is on-going in order to select the optimal development scheme.'

Based on available informations/data, IMHO - Monastyretska 2P:
with infill drilling: 3,5 MBbls (Future cumulative production);
with infill drilling + implementation of water injection: 5,6 MBbls (Future cumulative production);


Blazh-10 well succesfull and production rate (initial 275 bpd on natural flow) could change/update the above scenario.

[targatarga] 18/7/2019 14:07

The other question I have is how much oil does management believe is in and around the Blazh area.

[brumbrum79] 18/7/2019 13:39

excuse me guys but I find quite ridiculous the "problem" about CEO's native language.

Lastly, the first or most important Cadogan's Shareholder is SPQR Capital Holdings -> Director/Chairman Mr. Alessandro Benedetti (also CEO of Schwarzfield)...

Imho, the important things are:
* investments in the E&P Business Unit;
* Conversion of the Monastyretska license from exploration to Production;
* Sidetrack of the Blazh-2 well -> new Blazh 21 well (location nearby to Blazh-10 well);
* Construction of the Oil center in Monastyretska and related facilities;
* implementation of water injection in the Monastyretska license to increase Oil production (Blazh-50 well water injector well??);
* development of the Bytlianska License, with or without farm-out... 2 workovers + production test of 2 old wells... spud/drill 2 new wells in the license... Target: Oil & Natural Gas Production;

ByeBye

[spangle93] 18/7/2019 13:16

"Hopefully a person from outside the company and not a board insider."
- hmm I share your thoughts but I think this sector is the last bastion of non-diverse practices for staffing the board room. I'd be surprised if the new CEO can't speak Italian..


He's also CAD's representative on the Proger board, so if he's no longer with CAD, then he's not representing the company, and CAD will put a different board member onto Proger's board to replace him


Targa*2 ref Proger. The difference is that Lamprell has a yard and builds things, often with lumpsum contracts. Proger are engineering and eng/construction management consultants, which is (a) more often reimburseable, and (b) doesn't leave you exposed to needing loans and whopping outlays

[targatarga] 18/7/2019 11:55

I admit to knowing nothing, but I wonder how UK companies like Lamprell can make huge losses in a short amount of time on a project with wafer thin margins. Proger goes for growth and offers larger interest with little alleged risk.

[itsriskythat] 18/7/2019 10:47

The RNS is positive as Michelotti's attention had turned to his board position at Proger. But I wonder if the personal reasons mean he is also resigning from Proger?

It would be wrong for Michelotti to now execute the company's call option to take a share in Proger now he is leaving. The independent directors need to take a fresh look at the Proger deal, and leave a decision to the incoming CEO. I think the new CEO needs to move quickly to use the cash pile to grow the business and should be on an industry standard salary and bonus for the size of company Cadogan has become. Hopefully a person from outside the company and not a board insider.

[brumbrum79] 15/7/2019 23:59

Hi Spangle,

I will contact Cadogan for a Job in the comunication team! Smiling!

As I wrote in my previous message..
The Stock Market & many Cadogan's Shareholders might be amazed...

Bye

[spangle93] 15/7/2019 23:24

Thanks brum brum - I think you should apply for a job in the Cadogan PR department (if there actually is one...)

[targatarga] 12/7/2019 16:31

This is getting silly again. Imho

[mr copl] 11/7/2019 12:59

Put Copl on your WATCHLIST.

[brumbrum79] 08/7/2019 23:35

Мін;ісm0;ер 89;тв
086; еко;лоk5;ії під;твk7;рд 80;ло без;пеm5;ні 89;ть роб;іт на Бла;жіk4;сь 82;ом
091; род;овl0;щі на Льв;івm7;ин10;

пон;едo0;ло 82; 08 лип;ня, 2019 15:10
Тег;и: Еко;лоk5;ія
Бла;жіk4;сь 82;е род;овl0;ще на Льв;івm7;ин10;, на яко;му пра;цюn8; бри;таl5;сь 82;а нез;алk7;жн 72; наф;тоk5;аз 86;ва ком;паl5;ія Cadogan Petroleum, усп;ішl5;о про;йшl3;о еко;лоk5;іч 85;у пер;евo0;рк 91;. Вис;ноk4;ок щод;о оці;нкl0; впл;ивm1; на дов;кіl3;ля (ОВh4;) опу;блo0;ко 74;ан
086; у Єди;ноl4;у реє;стl8;і, яки;й вед;е Мін;ісm0;ер 89;тв
086; еко;лоk5;ії та при;роk6;ни 93; рес;урl9;ів.

За рез;улn0;та 90;ам
080; вис;ноk4;ку, впл;ив на дов;кіl3;ля від; дія;льl5;ос 90;і ком;паl5;ії вва;жаn8;ть 89;я доп;усm0;им 80;м.

Оці;нкk2; впл;ивm1; на дов;кіl3;ля про;воk6;ил 72;сь за так;имl0; чин;ниl2;ам 80;, як ана;ліk9; впл;ивm1; на атм;осm2;ер 91;, ґру;нт, вод;не сер;едl6;ви 97;е, рос;лиl5;ни 81; і тва;риl5;ни 81; сві;т, клі;маm0; і мік;роl2;лі 84;ат тощ;о. З ура;хуk4;ан 85;ям всі;єї інф;орl4;ац10;ї, зау;ваk8;ен00; та про;поk9;иц10;й, що над;ійm6;ли про;тяk5;ом гро;маk6;сь 82;их обг;овl6;ре 85;ь дія;льl5;іс 90;ь ком;паl5;ії на Мон;асm0;ир 77;ць
082;ій ліц;енk9;ій 85;ій діл;янm4;і у Льв;івl9;ьк10;й обл;асm0;і вва;жаn8;ть 89;я доп;усm0;им 80;м.

Бри;таl5;сь 82;а ком;паl5;ія Cadogan Petroleum зай;маn8;ть 89;я вив;чеl5;ня 84; та роз;роk3;ко02; род;овl0;щ на Льв;івm7;ин10;, зок;реl4;а на Мон;асm0;ир 77;ць
082;ій та Біт;ляl5;сь 82;ій ліц;енk9;ій 85;их діл;янl2;ах чер;ез сво;ю доч;ірl5;ю ком;паl5;ію ТОВ; «Юс;енl2;о Над;ра».

«По;зиm0;ив 85;е ріш;енl5;я з оці;нкl0; впл;ивm1; на дов;кіl3;ля виз;наm5;ає євр;опk7;йс00;ки
081; під;хіk6; до вед;енl5;я дія;льl5;ос 90;і під;прl0;єм 89;тв. Без;пеl2;а нав;коl3;иш 85;ьо
075;о сер;едl6;ви 97;а та нас;елk7;нн03; є клю;чоk4;им для; нас;, том;у під; час; бур;інl5;я та вид;обm1;тк 91; на наш;их све;рдl3;ов 80;на
093;, ми зад;іюn8;мо пер;едl6;ві тех;ноl3;ог10;ї та екс;пеl8;тн 80;х під;ряk6;ни 82;ів. Зви;чаl1;но ми дот;риl4;ув 72;ти
084;емось всі;х рек;омk7;нд 72;ці
081; вис;ноk4;ку ОВД;, — роз;поk4;ів ген;ерk2;ль 85;ий дир;екm0;ор укр;аїl5;сь 82;ог
086; офі;су Cadogan Анд;ріl1; Біл;ий. — Дія;льl5;іс 90;ь наш;ої ком;паl5;ії має; без;поl9;ер 77;дн
110;й впл;ив на соц;іаl3;ьн 86;-економічний; роз;виm0;ок рег;іоl5;у. Ми вва;жаn8;мо себ;е час;тиl5;ою гро;маk6;и, том;у бер;емl6; акт;ивl5;у уча;стn0; у реа;ліk9;ац10;ї соц;іаl3;ьн 80;х про;екm0;ів на Льв;івm7;ин10;: іні;ціk2;ти 74;и з ене;ргl6;еф 77;кт
080;вності, фін;анl9;ув 72;нн
103; рем;онm0;у дор;іг, вив;із поб;утl6;ви 93; від;хоk6;ів з сел;ищk2; тощ;о».

Наг;адk2;єм 86;, що у тра;внo0; ком;паl5;ія в рек;орk6;ні стр;окl0; про;буl8;ил 72; на Мон;асm0;ир 77;ць
082;ій ліц;енk9;ій 85;ій діл;янm4;і све;рдl3;ов 80;ну Бла;жіk4;-10. Зав;дяl2;и пер;едl6;ви 84; тех;ноl3;ог10;ям та пра;ктl0;ка 84;, све;рдl3;ов 80;ну вда;лоl9;ь про;буl8;ит 80; без;авk2;рі 81;но за 74 дні;.

Дод;амl6;, що бри;таl5;сь 82;а ком;паl5;ія Cadogan Petroleum пра;цюn8; в Укр;аїl5;і 13 рок;ів. Ост;анl5;і рок;и ком;паl5;ія зос;ерk7;ди 83;а сво;ю дія;льl5;іс 90;ь на Зах;ідl5;ій Укр;аїl5;і.

Дов;ідl2;а про; ком;паl5;ію:

Cadogan Petroleum – бри;таl5;сь 82;а нез;алk7;жн 72; наф;тоk5;аз 86;ва ком;паl5;ія, що кот;ирm1;єт00;ся на Лон;доl5;сь 82;ій фон;доk4;ій бір;жі та пра;цюn8; в Укр;аїl5;і з 2006 рок;у. Ком;паl5;ія зай;маn8;ть 89;я про;веk6;ен 85;ям гео;лоk5;іч 85;ої роз;віk6;ки та екс;плm1;ат 72;ці
111; ліц;енk9;ій 85;их діл;янl6;к в Укр;аїl5;і. Пот;очl5;а вир;обl5;ич 72; дія;льl5;іс 90;ь ком;паl5;ій гру;пи Cadogan зос;ерk7;дж 77;на на дво;х діл;янl2;ах пер;едl2;ар 87;ат
089;ького про;гиl5;у, що роз;таm6;ов 72;ні у Льв;івl9;ьк10;й обл;асm0;і.

Cadogan Petroleum — вел;икl0;й інв;есm0;ор та роб;отl6;да 74;ец
100; в рег;іоl5;і, яки;й спі;вфo0;на 85;су
108; та реа;ліk9;ов 91;є різ;ноl4;ан10;тн
110; соц;іаl3;ьн10; про;екm0;и для; гро;маk6;, вкл;ючk2;юч 80;, але; не обм;ежm1;юч 80;сь про;екm0;ам 80; ене;ргl6;зб 77;ре
078;ення та зме;ншk7;нн03; вик;идo0;в, рем;онm0;у дор;іг та об’;єкm0;ів інф;раl9;тр 91;кт
091;ри, газ;ифo0;ка 94;ії сіл; тощ;о.


Link: hxxps://galinfo.com.ua/news/ministerstvo_ekologii_pidtverdylo_bezpechnist_robit_na_blazhivskomu_rodovyshchi_na_lvivshchyni_320647.html



The Ministry of Ecology has confirmed the safety of works at the Blazhivsky deposit in Lviv region

Monday 08 July, 2019 15:10
Tags: Ecology
The Blazhivsky deposit in Lviv, where the British independent oil and gas company Cadogan Petroleum operates, has successfully passed an environmental inspection. The conclusion on the environmental impact assessment (ATS) is published in the Unified Register maintained by the Ministry of Environment and Natural Resources.

As a result of the conclusion, the environmental impact of the company's activity is considered permissible.

The environmental impact assessment was conducted on factors such as analysis of the impact on the atmosphere, soil, aquatic environment, flora and fauna, climate and microclimate, and so on. Taking into account all information, comments and suggestions received during public discussions, the activity of the company on the Monastic license area in the Lviv region is considered permissible.

British company Cadogan Petroleum is engaged in exploration and development of deposits in Lviv region, in particular in Monastyritsky and Bitlyan licensed areas through its subsidiary LLC "Yusenko Nadra".

"A positive decision on the environmental impact assessment determines the European approach to business activity. Environmental and population safety is key to us, so when drilling and extraction in our wells, we employ advanced technology and expert contractors. Of course, we will adhere to all the recommendations of the conclusion of the ATS, - told the general director of the Ukrainian office of Cadogan Andriy Bilyy. - The activities of our company have a direct impact on the socio-economic development of the region. We consider ourselves a part of the community, therefore, we are actively involved in the implementation of social projects in the Lviv region: energy efficiency initiatives, financing of road repairs, removal of household waste from the village, etc. "

Recall that in May, the company in the record time drilled on the monastic license area of ​​the well Blazhiv-10. Thanks to advanced technologies and practices, the well was drilled safely for 74 days.

Let's add that the British company Cadogan Petroleum works in Ukraine for 13 years. In recent years, the company has concentrated its activities in Western Ukraine.

Company Reference:

Cadogan Petroleum is a British independent oil and gas company listed on the London Stock Exchange and has been operating in Ukraine since 2006. The company is engaged in geological exploration and exploitation of licensed areas in Ukraine. The current production activities of Cadogan Group companies are focused on two pre-Carpathian troughs located in the Lviv region.

Cadogan Petroleum is a large investor and employer in the region that co-finances and implements various social projects for communities, including, but not limited to, energy saving and emission reductions, road and infrastructure repairs, village gasification, etc.

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Imho, another good news.
ByeBye

[targatarga] 08/7/2019 15:53

Reckon there all buys so far. Tick up later?

[targatarga] 01/7/2019 11:27

Sellers probably think that no significant news till Christmas means they're better off elsewhere. Imho

[targatarga] 01/7/2019 07:53

Way over my head.... Obviously a lot of thought went into those plans!

[brumbrum79] 01/7/2019 00:16

Document Link:
hxxp://eia.menr.gov.ua/uploads/documents/2538/reports/c9571b2a5a1e2a71d2f3ec0a34046362.pdf

ПОВ;ІДi4;МЛ 45;НН
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110;йний код; гро;маk6;ян 80;на-підприємц;я)

інф;орl4;ує про; нам;ір про;ваk6;ит 80; пла;ноk4;ан 91; дія;льl5;іс 90;ь та оці;нкm1; її впл;ивm1; на дов;кіl3;ля.

1. Інф;орl4;ац10;я про; суб;’єl2;та гос;поk6;ар02;ва
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2. Пла;ноk4;ан 72; дія;льl5;іс 90;ь, її хар;акm0;ер 80;ст
080;ка, тех;ніm5;ні аль;теl8;на 90;ив
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072;жів, 3-Бл 72;жі
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054;блаштування; наф;тоk9;бі 88;но
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100;.Кінцева про;дуl2;ці03; –пі;дгl6;то 74;ле
085;ідо тра;нсl7;ор 90;ув
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Тех;ніm5;на аль;теl8;на 90;ив
072; 1.
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093; орг;анo0;в.

Тех;ніm5;на аль;теl8;на 90;ив
072; 2.
Бур;інl5;я све;рдl3;ов 80;н для; вид;обm1;ва 85;ня наф;ти, газ;убm1;де зді;йсl5;юв 72;ти
089;я зад;опl6;мо 75;ою
073;уровихверст;атo0;вз 77;ле
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074;а, нор;маm0;ив 85;их акт;ів кон;трl6;лю02;чи
093; орг;анo0;в.

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085;і аль;теl8;на 90;ив
080;.
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085;а аль;теl8;на 90;ив
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089;я в меж;ахi7;та 88;ос
072;мбірськогот;а Сам;біl8;сь 82;ог
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086; рай;онm1;).

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085;а аль;теl8;на 90;ив
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085;і аль;теl8;на 90;ив
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...

5. Заг;алn0;ні тех;ніm5;ні хар;акm0;ер 80;ст
080;ки, у том;у чис;лі пар;амk7;тр 80; пла;ноk4;ан 86;ї дія;льl5;ос 90;і (поm0;уж 85;іс
090;ь, дов;жиl5;а, пло;ща, обс;яг вир;обl5;иц 90;ва тощ;о)

Вид;обm1;ва 85;ня наф;ти та поп;утl5;ог 86; наф;тоk4;ог 86; газ;у Бла;жіk4;сь 82;ог
086; наф;тоk4;ог 86; род;овl0;ща з від;клk2;ді 74; пал;еоk5;ен 72;6-ма све;рдl3;ов 80;на
084;и (1, 3, 10, 21, 50-Бл
072;жів, 3-Бл 72;жі
074;-Монастир;ецn0;) за доп;омl6;го02; нас;осl5;ог 86; обл;адl5;ан 85;я або; фон;таl5;ни 84; спо;соk3;ом. Рел;ікo0;ві 76;ац
110;я одн;ієo1; све;рдl3;ов 80;ни з існ;уюm5;ог 86; фон;ду, або; бур;інl5;я пош;укl6;во-
088;озвідувальн;ої све;рдl3;ов 80;ни на Мон;асm0;ир 77;ць
082;ій стр;укm0;ур10; в меж;ах ліц;енk9;ій 85;ої пло;щі, згі;днl6; під;раm3;ов 72;ни
093; зап;асo0;вт 72; рес;урl9;ів. Обл;ашm0;ув 72;нн
103; наф;тоk9;бі 88;но
075;о пун;ктm1; на све;рдl3;ов 80;ні No 3-Бл 72;жі
074;-Монастир;ецn0;. Обл;ашm0;ув 72;нн
103; тру;боl7;ро 74;од
110;вдо наф;тоk9;бі 88;но
075;о пун;ктm1;.

ecc...

_______________________________________________________________________________

NOTICE about planned activity subject to environmental impact assessment YUSENKO NADRA LIMITED LIABILITY COMPANY, EDRPOU code 35336083 (full name of a legal entity, code according to the USREOU, or full name, surname and patronymic of the citizen-entrepreneur, identification code of the citizen- entrepreneur)

informs about the intention to carry out the planned activity and assess its impact on the environment.

1. Information on the subject of business 81400, Lvivska oblast, m.Sambir, Karpenko-Karyi st., 9A (passport data (series, passport number, who and when issued) of the entrepreneur, place of business of the legal entity or place of residence citizen entrepreneur (zip code, address), contact number of the phone)

2. Planned activity, its characteristics, technical alternatives. Planned activity, its characteristics. Production of oil-bearing petroleum gas of the Blazhiv oil field from the deposits of the Paleogene with 6 wells (1, 3, 10, 21, 50-Blazhiv, 3-Blazhiv-Monastyrets) with the help of pumping equipment or a fountain way. The assembly of the oil collecting station at the well No3-Blazhiv-Monastirets. The finished products-prepared for the transportation of oil, natural gas.

Technical alternative 1.
Drilling wells for oil extraction, the gas will be carried out by means of drilling wires and diesel drives, in accordance with the requirements of the current legislation, regulatory acts of the controlling bodies.

Technical alternative 2.
Drilling of wells for oil extraction, gas, will be carried out for the use of drilling wires by an electric drive, in accordance with the requirements of the current legislation, regulatory acts of the controlling bodies.

...

5. General technical characteristics, including parameters of the planned activity (power, length, area, production volume, etc.)

* Extraction of oil and associated petroleum gas from Blazhivsky oil field from the deposits of the Paleogene with 6 wells (1, 3, 10, 21, 50-Blazhiv, 3-Blazhiv-Monastyrets) with the help of pumping equipment or fountain-type. Relicividualization of one well from an existing fund, or drilling a search and exploration well on the Monastic structure within the license area, according to the calculated reserves and resources.

* Construction of the oil collecting station in the well No 3-Blazhiv Monastery (BM-3).

* Construction of pipelines to the oil collecting station.

(Please see and read 'Cadogan's Presentation to the Carpathian Oil & Gas Conference - Cadogan's future activity in Lviv Oblast: Build an Oil center')

ecc...

________________________________________________________________________________

What I found strange??

The number of the Wells indicated... 6 Wells;
* Blazh-1 (existing and producing well) - Blazhiska Structure;
* Blazh-3 (existing and producing well) - Blazhiska Structure;
* Blazh-Mon 3 (existing and producing well) - Blazhiska Structure;
* Blazh-10 (existing and producing well) - last Cadogan's Investment and drilling activity - Blazhiska Structure;

# Blazh-21 (Sidetrack of the Blazh-2 well... Blazh-2 well: existing but NOT producing well) - "maybe" next Cadogan's Investment and drilling activity - Blazhiska Structure;

# Blazh-50 (existing but NOT producing well) - Monastyretska structure;

The presence in the list of the Blazh-50 well is interesting, why?

1) Blazh-50 well mainly "belongs" to the Monastyretska structure (and not Blazhivska structure as the other 5 Wells);
2) Taken from 'Cadogan Petroleum UK IPO Prospectus'(18 June 2008): 'Well 50-Bz, further to the north-east, encountered oil in the Oligocene Menilite
section (P 3 ml) but the initial flow rate of 5 m3/d (30 bpd) dropped rapidly to 0.2 m3/d (1.2 bpd). It also encountered the Yamna sandstone (Blazhiska structure) below the major thrust fault but found it water-filled.
3) options:
- Cadogan is planning to appraise the Monastyretske structure with a Sidetrack of the Blazh-50 well?;
- Cadogan is planning to use Blazh-50 well as Water Injector well for Blazhiska structure?;
- others??

__________________________________________________________________________________

Views/Opinions?


ByeBye