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Cadogan Petroleum Provides Operational Update

Source: www.gulfoilandgas.com 2/10/2020, Location: Asia

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

Net production for 2019 averaged 288 boepd, which is 15% above average production in 2018 and 86% above average production in 2017.

The increase in production was achieved despite a 30-day shutdown of Blazhiv oil field (formerly Monastyrestka license) in November and December 2019, and the shutdown of Blazhiv-3 and Blazhiv-Monastyrets-3 wells, due to the expiry of the lease contract. The extension of this contract is currently being negotiated and is expected to be finalised soon.

Operations, which included drilling the successful Blazh-10 well, were delivered in an incident free working environment. Emissions to the atmosphere increased to 85.7 tons of CO2 equivalent/boe. Actions are currently being performed to reduce the intensity ratio.

Production for 2019 was sold at an average price of $47/boe, which is approximately 10 % lower than in the previous year, in line with lower average global crude prices.

The conversion of the Monastyrestksa exploration license into the 20-year Blazhiv production license was successfully completed, while the process for the Bitlyanska 20-year exploration and production license is at the final stage. The Company has already secured all intermediary approvals, including those from the regional authorities and is expecting the decision of the Licensing Authority of Ukraine. Further updates with regards to the Bitlyanska exploration and production license, as well as the Blazhiv-3 and Blazhiv-Monastyrets-3 lease negotiations will be announced as and when appropriate.

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