Operations Update
28/05/2014 07:00
CADOGAN PETROLEUM PLC
(The "Company")
Operations Update
Following the Company's announcement dated 15 May 2014 stating that 3 new
drillable prospects had been identified in Debeslavetska, the Company is
pleased to report that a fourth drillable prospect, comprising 3 different
levels down to a depth of approximately 350m, has since been identified. This
fourth prospect has now been selected for drilling to commence at the end of
September. Drilling is expected to take up to 10 days followed by testing and
eventual completion approximately 3 weeks thereafter. Expected producible
resources for this new prospect are in the range of 4 billion cubic feet.
Analysis continues on the remaining 3 identified prospects and if drilling on
the fourth prospect proves successful, the Company anticipates drilling to
commence on one of these remaining prospects before the end of 2014. Analysis
continues on the relatively deeper horizons.
In the Pirkovskoe licence, following an initial period of rig-less testing on
Pirk 1, work-over activity - comprising deep, high pressure and temperature
testing, logging and shooting of intervals in the upper Tournaisian interval
down to 5,100m - commenced on 20 May 2014. Work-over activity is expected to
last approximately 4 months.
Enquiries:
Cadogan Petroleum Plc +380 (44) 591 0390
Bertrand des Pallieres Chief Executive Officer
Laurence Sudwarts Company Secretary
Cantor Fitzgerald Europe +44 (0) 20 7894 7000
David Porter
Richard Redmayne
END