REG-Cadogan Petroleum: Operational Update

Cadogan Energy SolutionsAnnouncement

09/04/2019 16:10

Press Release 9 April 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”)

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 Blazh-10 well has encountered 207 meters of the Yamna target
formation, at a depth 50 meters higher than prognosis and in the predicted sub
vertical setting.

Cores taken from the upper part of the Yamna and a preliminary interpretation
of the open hole logs suggest that the entire Yamna section could potentially
be oil bearing. The well is being conditioned to run and cement a 7” casing,
which will be followed by well testing. Full log interpretation and testing
results will determine the net pay and the expected deliverability of the
well. Further updates will be provided in due course.

The well reached its TD of 3394 m at a cost which was 10% higher than budgeted
due to severe hole instability challenges which were experienced while
drilling.

The Blazh-10 well is located in the Company’s Monastyretska license, in the
west of Ukraine near the border with Poland. The Yamna sandstones is the
producing formation for the Company’s three existing wells on the license.

Guido Michelotti, Cadogan Petroleum CEO, commented:

“The initial results of Blazh-10 are encouraging; we look forward to testing
the well and providing further updates on progress. The well is a testimony to
Cadogan’s operational excellence and creates a local benchmark as it has
been drilled in about a fifth of the time taken to drill the fastest of the
nearby wells and some 10% of their average time”.

-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              
 Nick Tulloch                                                                         
                                                                                      



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