REG-Cadogan Petroleum: License Application

Cadogan Energy SolutionsAnnouncement

03/07/2019 15:50

Press Release  
3 July 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”)

Monastyretska license: application for a 20-year production license

Cadogan Petroleum plc (“Cadogan”), an independent, diversified oil & gas
company listed on the main market of the London Stock Exchange, is pleased to
report that its local subsidiary has filed the application for a 20-year
production license for its Monastyretska license.  The production license has
been named Blazhiv field.

The application has been filed with the State Geological Services of Ukraine
nearly five months ahead of the expiry date of the current exploration
license, which is November 18, 2019 as the Company has already secured the
approval of the set of documents to be attached to the application, namely:
*
A report from the Control Department of the State Geological Services of
Ukraine that there were no breaches throughout the exploration period.
*
The approval of the Reserves Report by the State Commission of Reserves.
*
The approval of the Environmental Impact Assessment study by the Ministry of
Ecology.

The Company will make a further announcement regarding the license application
as and when appropriate. 

Guido Michelotti, Cadogan Petroleum CEO, commented:

“This is an important step towards stabilizing the future of our company in
Ukraine. We have filed the application well ahead of the deadline  in order
to allow sufficient time for a seamless transition between the exploration and
the production licenses”.  

About

Monastyretska license produces about 460 bpd of oil from four wells. The
installation of a sucker rod pump with a scraper on the recently drilled Blazh
10 well is being considered to slightly increase its oil production, while
reducing the frequency of hot oil washes to dissolve paraffin deposition in
the tubing.

Based on the reservoir simulation study conducted last year, Monastyretska
license can produce up to 3.5 million barrels of oil with a further 2.1
million barrels coming from the implementation of a water injection scheme.

-ENDS-

For further information, please contact:

 Cadogan Petroleum plc                                                               
 Guido Michelotti          Chief Executive Officer          +380 (44) 594 5870       
 Ben Harber                Company Secretary                +44 0207 264 4366        
                                                                                     
 Cantor Fitzgerald Europe  Broker to Cadogan Petroleum plc                           
 David Porter                                               +44 (0) 20 7894 7000     



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