REG-Cadogan Petroleum: Well Update

Cadogan Energy SolutionsAnnouncement

25/04/2019 12:10

Press Release 25 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”)

Successful clean-up flow of Blazh-10 well

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 produced oil to the surface at an
estimated rate of about 150 bpd during clean-up.

The perforated interval covers the entire Yamna formation, with log
interpretation confirming it is all oil bearing with a net pay of 156 meters.
High penetration charges were deployed on a TCP gun run in hole via drill
pipes. The pay zone was subsequently washed with acid to remove potential
formation damage from mud filtrate and a clean-up flow started. The well has
flowed an average rate of 150 bpd of oil during the last 24 hours of clean up.
The well has already been connected to the oil tanks in the area of the Blazh
Mon 3 well and the produced hydrocarbons will be diverted from the test tank
into the Blazh-Mon 3 tanks at the end of the clean-up.

Clean-up will continue while the drilling contractor demobilizes. A full well
testing program, inclusive of oil sampling and PLT, will be executed upon full
demobilization of the drilling rig. Subsequently, the Company intends to
install a sucker rod pump.

The interpretation of the logs has also identified another 15 meters of
potential net pay at 2700 meters depth in the Bystrycia formation. This
potential pay zone will not be tested as the well has been completed as a
Yamna producer.

Updates will be provided as and when appropriate.

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

Guido Michelotti, Cadogan Petroleum CEO, commented:

“The results of Blazh-10 are far encouraging. The pay zone is on the high
range of values for a success scenario and the well has already produced oil
in commercial quantities during the clean-up in natural flow. We look forward
with optimism to the testing results to have confirmation that the well
production capacity is also on the high end of pre-drill expectations”.

-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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