Cadogan Petroleum Well Update

 
TIDMCAD 
 
Press Release                                           30 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") 
 
                             Blazh-10 well Update 
 
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 performance of its Blazh-10 well has continued to 
improve during clean-up and that production has increased to circa 385 bpd 
(25th April: 150 bpd) of oil in natural flow. 
 
The clean-up is expected to continue for about a week, until the site is 
vacated by the drilling contractor, with the oil being piped to the production 
tanks. The clean-up will be followed by an exhaustive well test program 
designed to collect down hole samples of the oil, to record the flow profile 
within the perforated section of the well-bore and to establish the 
productivity index. The company expects to have a better sense of a sustainable 
rate of production from the well upon completing the clean-up and the following 
well test. 
 
The Blazh-10 well encountered 156 meters of the target Yamna formation 
sandstone, with log interpretations confirming the entire column as oil 
bearing. The well was drilled to a total depth of 3,394m and set a local 
benchmark for drilling time. The well is located on the Monastyretska license, 
in the West of Ukraine, near the border with Poland. 
 
Further updates will be provided as and when appropriate. 
 
Guido Michelotti, Cadogan Petroleum CEO, commented: 
 
"We are excited by the results of Blazh-10. The well produces more in natural 
flow than the other three existing wells on the license combined, despite the 
other wells having sucker rod pumps installed. The contribution of the Blazh-10 
well has taken Cadogan's current production to some 600 bpd of oil, the highest 
level ever in the history of the Company" 
 
                                    -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

May 03, 2019 08:28 ET (12:28 GMT)