REG-Cadogan Petroleum: Operations Update

Cadogan Energy SolutionsAnnouncement

23/03/2018 11:10

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”)

Update on results of

Blazh-3 well work-over

Cadogan Petroleum plc (“Cadogan”), an independent, oil & gas company
listed on the London Stock Exchange, is pleased to announce that production
from the Blazh-3 well in the Monastyretska license has increased from 45 bpd
to circa 125 bpd following the successful completion of a work-over to
re-perforate some of the old intervals and open new ones. 

The Blazh-3 well is being monitored in order to decide on whether additional
well operations are advisable before the installation of a sucker rod pump,
which is expected to further increase its production.

This work-over is the second in a program of three and follows the successful
stimulation of Blazh-1 well, in February, which nearly doubled its production
rate.  As a result of this activity, Cadogan’s current production (oil and
gas combined) has exceeded 300 boepd (290 boepd net to Cadogan).

The Monastyretska license is located in the L’viv region of Western Ukraine.
Oil produced from the field has a negligible gas and water content, is treated
locally and exported by truck by the buyers. The Group is the owner of the
license. The Blazh-3 well is rented from Ukrnafta, which had drilled it in
the  90s’.

Commenting, Guido Michelotti, CEO of Cadogan, said:

“This is a very encouraging start to the work over programme, with two of
the three wells seeing considerable increases in production rates that put the
Company ahead of production expectations for the year”

-ENDS-

About

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

Ukrnafta is the largest oil producer in Ukraine. They operate 82 licences and
own a fleet of 46 drilling rigs.

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                                       +44 (0) 20 7894 7000  



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