REG-Cadogan Petroleum: Operational Update <Origin Href="QuoteRef">CADP.L</Origin>

Cadogan Energy SolutionsAnnouncement

07/03/2017 07:01

Cadogan Petroleum Plc
("Cadogan" or the "Company")

Operational update

Cadogan Petroleum plc (“Cadogan” or the “Company”) is pleased to
announce the successful re-entry of two old, suspended wells drilled in its
Monastyretska licence. The wells, which have been rented from Ukrnafta under a
profit sharing agreement, are currently producing a combined 30 barrels of oil
per day under natural flow. Both wells are under monitoring before proceeding
with the installation of sucker rod pumps in order to increase their
production rates.

These well re-entries are part of Cadogan’s strategy of increasing
production from its Ukrainian licences via a disciplined deployment of its
financial resources as an efficient, low-cost operator of marginal fields.

About

Cadogan is an independent oil and gas company. Cadogan operates exploration
and production licenses in Ukraine, conducts gas trading operations, and
provides services to E&P companies.

Ukrnafta is the largest oil company in Ukraine, contributing 67.9% of the
nation’s oil and gas condensate production (2015 data). Ukrnafta also owns
one of the largest filling stations network in Ukraine.

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
+44 (0) 20 7894 7000
David Porter
Sarah Wharry



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