CADOGAN PETROLEUM PLC
Operations
Update
12 April 2016
Cadogan Petroleum plc (“Cadogan” or the “Company”), an
independent oil and gas exploration, development and production
company with onshore gas, condensate and oil assets in Ukraine, is pleased to advise that
Brend Vik has completed its
re-evaluation of the Company’s reserves and resources in
Ukraine.
A summary of the revised reserves and resources as at
31 December 2015 is presented in the
table below:
|
|
|
|
|
Reserves & Resources (MMboe) (net to
Cadogan) |
|
| Licence |
Type |
Working
interest (%) |
Area (km2) |
Current net
production
(boepd) |
3P reserves |
2C
contingent
resources |
Best
estimate
prospective
resources |
Expiry date |
|
Monastyretska |
Oil |
99.2 |
25 |
48 |
4.5 |
0.6 |
0.2 |
Nov. 2019 |
| Debeslavetska
(Production) |
Gas |
99.2 |
27 |
60 |
0.2 |
|
0.1 |
Nov. 2026 |
| Debeslavetska
(Exploration) |
Gas |
99.2 |
218 |
|
|
|
|
Sept. 2016 |
|
Cheremkhivska |
Gas |
54.2 |
119 |
16 |
0.01 |
|
0.6 |
May. 2018 |
| Bitlyanska |
Gas & Condensate |
99.2 |
390 |
|
3.2 |
14.8 |
4.5 |
Dec. 2019 |
| Slobodo
Rungurska |
Oil |
100 |
101 |
|
|
|
3.5 |
Apr. 2016 |
| Pokrovska |
Gas & Condensate |
70 |
50 |
|
0.8 |
14.7 |
0.6 |
Aug. 2016 |
|
Total current licences |
930 |
124 |
8.7 |
30.1 |
9.5 |
|
| Pirkovska |
Gas & Cond |
100 |
88 |
|
12.7 |
6.2 |
5.0 |
*Expired |
| Zagoryanska |
Gas & Cond |
100 |
34 |
|
1.6 |
2.6 |
|
**Expired |
|
Total licences subject to renewal |
122 |
|
14.3 |
8.8 |
5.0 |
|
|
Total |
1,052 |
124 |
23.0 |
38.9 |
14.5 |
|
*
Application for 20 year production licence filed
** Application for a 20 year production licence filed by Cadogan
only (100% P.I.) as Eni elected not to do so |
The evaluation has broadly confirmed the Company’s 1P reserves
at 0.4 MMboe and has identified 3P reserves and 2C contingent
resources which are significantly greater than Management estimates
as notified on 22 December 2015 (and
detailed in Appendix A). This increase is primarily concentrated in
the Monastyretska and Bitlyanska licenses in Western Ukraine. This is offset by a downward
revision of the best estimate prospective resources across the
portfolio which is primarily concentrated in the three Eastern Ukraine licenses. This downward
revision is principally a result of the low oil price environment
and a more conservative interpretation of the available geological
and geophysical data.
In conjunction with this update, the Company is pleased to
advise that it has today published an updated Company presentation
reflecting the revised figures which is available on its
website at: www.cadoganpetroleum.com
Guido Michelotti, CEO,
commented:
“We are pleased with the significant
upward revision of the Monastyretska and Bitlyanska reserves
against previous management estimates, which will prolong the life
of the Company’s producing fields and provide access to further
production upside. Cadogan intends
to work towards exploiting this upside while maintaining our focus
on exercising financial discipline, in order to preserve our cash
resources for further growth opportunities in the current oil price
environment.”
Enquiries:
| Cadogan Petroleum plc |
+380 (44) 594 5870 |
Guido
Michelotti, Chief Executive Officer
Marta Halabala, Company Secretary |
|
| Cantor Fitzgerald Europe |
+44 (0) 20 7894 7000 |
David Porter
Sarah Wharry |
|
Appendix A
Management reserves and prospective resources estimates,
22 December 2015
|
|
|
|
|
|
Reserves & Resources (MMboe) [(net to
Cadogan)] |
|
Licence |
Type |
Working interest |
Area (km2) |
Current net
production
(boepd) |
3P reserves |
2C
contingent
resources |
Best
estimate
prospective
resources |
| Eastern Ukraine |
Pokrovska |
Conventional gas |
70.0 |
50 |
- |
2.6 |
- |
73.6 |
| Pirkovska |
Conventional gas |
100.0 |
72 |
- |
11.3 |
6.6 |
67.9 |
| Zagoryanska |
Conventional gas |
100.0 |
50 |
- |
1.6 |
2.2 |
- |
| Western Ukraine |
Monastyretska |
Conventional oil |
99.2 |
26 |
48 |
2.7 |
- |
3.0 |
| Debeslavetska
(prod.) |
Conventional gas |
99.2 |
27 |
66 |
0.8 |
- |
- |
| Debeslavetska
(exp.) |
Conventional gas |
99.2 |
218 |
- |
- |
- |
1.0 |
|
Cheremkhivska |
Conventional gas |
53.4 |
119 |
8 |
0.2 |
- |
|
| Bitlyanska |
Conventional oil |
99.8 |
390 |
- |
- |
1.2 |
66.6 |
| Slobodo
Rungurska |
Conventional oil |
100.0 |
101 |
- |
- |
- |
8.0 |
|
|
|
Total |
1,052 |
122 |
19.2 |
10.1 |
220.0 |