Cadogan Petroleum Operations Update

 
TIDMCAD 
 
Press Release 
 
              11 January 2021 
 
This announcement contains inside information as defined under the Market Abuse 
Regulations n. 596/2014 
 
                             Cadogan Petroleum Plc 
 
                         ("Cadogan" or the "Company") 
 
Cadogan Petroleum plc ("Cadogan"), the London Stock Exchange listed independent 
oil and gas company is pleased to provide the following operational update post 
year end. 
 
In 2021, production continued to grow. Net oil production was 127,662 bbl 
corresponding to an average of 350 bpd. This is 20% above the production of 
2020. 
 
This production result was achieved thanks to the full operation of the 4 wells 
and the optimization of the operational regimes of these wells, in particular 
the Blazhiv-10 well. 
 
In 2021 the Company conducted and completed full hydrodynamic surveys of 
Blazhiv-1, Blazh-3, Blazhiv-Monastyrets-3 and Blazhiv-10 wells. 
 
In the second half of 2021, Cadogan launched studies for data reprocessing and 
reinterpretation of old 2D seismic data. The purpose was to get a geological 
construction precision of Blazhiv oil field and Monastyretska fold, and to 
identify new perspective structures within the license area boundary. These 
studies will be available in Q1 2022. 
 
To prevent the spread of Covid-19, the Company continued to strictly maintain 
administrative and healthcare measures, and to provide safe working conditions 
for its employees. 
 
All activities were executed without LTI or TRI, with a total over 1,400,000 
manhours since the last incident. 
 
The ?ompany continued defending its positions, towards the State Geological 
Service for Bitlyanska license award approval and expects decision during 2022. 
 
Notwithstanding, the Court of First Instance partly satisfied LLC Astrogaz 
claim for the Pirke license award, confirmed inaction of the Licensing 
Authority and obliged it to review the Pirkivska license application, the 
Appeal Court and the Supreme Court rejected the claim of Astrogaz. This 
decision will not have a financial impact as Pirkovska license was totally 
impaired before. 
 
                                     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 
Fady Khallouf                 Chief Executive Officer 
[e-mail] 
Ben Harber                       Company Secretary                       +44 
0207 264 4366 
 
 
 
END 
 
 

(END) Dow Jones Newswires

January 11, 2022 02:00 ET (07:00 GMT)