REG-Cadogan Petroleum: Operational Update

Cadogan Energy SolutionsAnnouncement

16/11/2018 14:05

Press Release - 16 November 2018                                                                                     
 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”)

Vovche-2 well test results

Cadogan Petroleum plc. (“Cadogan”), an independent, diversified, oil & gas
company listed on the London Stock Exchange, announces the results of the
Vovche-2 well test.

Following the successful drilling of the Vovche-2 well on time and budget, the
Company commenced testing, which confirmed the presence of oil though the well
did not deliver commercial levels of production.

The first interval tested produced sub-commercial oil quantities with water.
The second tested interval was dry and the third produced limited volumes of
an oil and water emulsion. 

The drilling rig is being released and the well will be put under monitoring.
Results of the well tests are being reviewed and will be integrated with the
on-going analysis of the produced fluids and the results from the core
analyses to decide on the way forward.

Commenting, Guido Michelotti, CEO of Cadogan, said:

“While the Vovche-2 well has not produced commercially viable volumes of oil
when tested, it has fulfilled the remaining licence obligation to drill and
has done so with a moderate deployment of capital. The well results have no
impact on Cadogan’s strategy to farm-out the appraisal of the deeper
gas-condensate resources proved by earlier drilling.”

-ENDS-

About

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

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                                                  
 David Porter Nick Tulloch                           +44 (0) 20 7894 7000  



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