REG-Cadogan Petroleum: Well Update

Cadogan Energy SolutionsAnnouncement

30/05/2019 07:05

Press Release 30 May 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”)

Well Blazh-10: Confirms High Productivity on Extended Test

Cadogan Petroleum plc (“Cadogan”), an independent, diversified oil & gas
company listed on the main market of the London Stock Exchange, is pleased to
report the extended well test on Blazh-10 has confirmed the high productivity
of the well, with production of 275 bpd on a 26/64” choke.

Based on the test result, the Company has decided to continue producing the
well in natural flow at 275 bpd and to monitor it regularly. With the
addition of the Blazh 10 well, oil production from the Monastyretska licence
has now surpassed 500 bpd. The extended well test provides a more accurate
picture of the sustainable rate of production, as previously outlined.  

The well test started on May 18, once the drilling contractor left the site,
with a restricted flow on three different chokes. The well produced 98, 133
and 181 bpd of oil in natural flow respectively on  8/64”, 10/64” and
13/64” chokes; the flow period was followed by a 36 hours  pressure
build-up which has shown that the well is in communication with nearby wells
and has no close barrier.

Oil samples were then collected down hole upon completion of the of the
multi-rate well test and subsequently a production log recorded. This latter
survey has shown that the contributing perforations are evenly distributed
across the entire net pay.

Guido Michelotti, Cadogan Petroleum CEO, commented:

“This is an extremely good result for the Company. The well not only meets
the Company’s license commitments, it also adds significantly to Cadogan’s
overall production. The Blazh-10 well set a benchmark for drilling in the
local area and it is producing on natural flow at a rate that is substantially
greater than the Company’s other wells on the license”.  

-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     
                                                                                     



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