REG-Cadogan Petroleum: Well Update

Cadogan Energy SolutionsAnnouncement

30/04/2019 09:40

Press Release 30 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”)

Blazh-10 well Update

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 performance of its Blazh-10 well has continued to
improve during clean-up and that production has increased to circa 385
bpd (25(th) April: 150 bpd) of oil in natural flow.  

The clean-up is expected to continue for about a week, until the site is
vacated by the drilling contractor, with the oil being piped to the production
tanks. The clean-up will be followed by an exhaustive well test program
designed to collect down hole samples of the oil, to record the flow profile
within the perforated section of the well-bore and to establish the
productivity index. The company expects to have a better sense of a
sustainable rate of production from the well upon completing the clean-up and
the following well test.

The Blazh-10 well encountered 156 meters of the target Yamna formation
sandstone, with log interpretations confirming the entire column as oil
bearing. The well was drilled to a total depth of 3,394m and set a local
benchmark for drilling time. The well is located on the Monastyretska license,
in the West of Ukraine, near the border with Poland.

Further updates will be provided as and when appropriate.

Guido Michelotti, Cadogan Petroleum CEO, commented:

“We are excited by the results of Blazh-10. The well produces more in
natural flow than the other three existing wells on the license combined,
despite the other wells having sucker rod pumps installed. The contribution of
the Blazh-10 well has taken Cadogan’s current production to some 600 bpd of
oil, the highest level ever in the history of the Company"

-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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