REG-Cadogan Petroleum: Operations Update

Cadogan Energy SolutionsAnnouncement

11/01/2022 07:05

Press Release
                                                                                                       
              11 January 2021

This announcement contains inside information as defined under the Market
Abuse Regulations n. 596/2014

Cadogan Petroleum Plc

(“Cadogan” or the “Company”)

Cadogan Petroleum plc (“Cadogan”), the London Stock Exchange listed
independent oil and gas company is pleased to provide the following
operational update post year end.

In 2021, production continued to grow. Net oil production was 127,662 bbl
corresponding to an average of 350 bpd. This is 20% above the production of
2020.

This production result was achieved thanks to the full operation of the 4
wells and the optimization of the operational regimes of these wells, in
particular the Blazhiv-10 well.

In 2021 the Company conducted and completed full hydrodynamic surveys of
Blazhiv-1, Blazh-3, Blazhiv-Monastyrets-3 and Blazhiv-10 wells.

In the second half of 2021, Cadogan launched studies for data reprocessing and
reinterpretation of old 2D seismic data. The purpose was to get a geological
construction precision of Blazhiv oil field and Monastyretska fold, and to
identify new perspective structures within the license area boundary. These
studies will be available in Q1 2022.

To prevent the spread of Covid-19, the Company continued to strictly maintain
administrative and healthcare measures, and to provide safe working conditions
for its employees.

All activities were executed without LTI or TRI, with a total over 1,400,000
manhours since the last incident.

The ?ompany continued defending its positions, towards the State Geological
Service for Bitlyanska license award approval and expects decision during
2022.

Notwithstanding, the Court of First Instance partly satisfied LLC Astrogaz
claim for the Pirke license award, confirmed inaction of the Licensing
Authority and obliged it to review the Pirkivska license application, the
Appeal Court and the Supreme Court rejected the claim of Astrogaz. This
decision will not have a financial impact as Pirkovska license was totally
impaired before.

ENDS

About

Cadogan is an 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
Fady Khallouf                 Chief Executive Officer 
              fady.khallouf@cadoganpetroleum.com
Ben Harber                       Company Secretary
                      +44 0207 264 4366



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