Press Release
30 April 2019 |
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This announcement is deemed to contain Inside
Information as defined under the Market Abuse Regulations n.
596/2014 |
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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 |
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Guido Michelotti |
Chief Executive Officer |
+380 (44) 594 5870 |
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Ben Harber |
Company Secretary |
+44 0207 264 4366 |
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Cantor Fitzgerald Europe |
Broker to Cadogan
Petroleum plc |
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David Porter |
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+44 (0) 20 7894
7000 |
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Nick Tulloch |
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