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Cadogan Petroleum Plc - License Application

Cadogan Petroleum Plc - License Application

Cadogan Petroleum Plc - License Application

PR Newswire

Press Release  
3 July 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”)

Monastyretska license: application for a 20-year production license


Cadogan Petroleum plc (“Cadogan”), an independent, diversified oil & gas company listed on the main market of the London Stock Exchange, is pleased to report that its local subsidiary has filed the application for a 20-year production license for its Monastyretska license.  The production license has been named Blazhiv field.

The application has been filed with the State Geological Services of Ukraine nearly five months ahead of the expiry date of the current exploration license, which is November 18, 2019 as the Company has already secured the approval of the set of documents to be attached to the application, namely:

  • A report from the Control Department of the State Geological Services of Ukraine that there were no breaches throughout the exploration period.

  • The approval of the Reserves Report by the State Commission of Reserves.

  • The approval of the Environmental Impact Assessment study by the Ministry of Ecology.

The Company will make a further announcement regarding the license application as and when appropriate. 

Guido Michelotti, Cadogan Petroleum CEO, commented:

“This is an important step towards stabilizing the future of our company in Ukraine. We have filed the application well ahead of the deadline  in order to allow sufficient time for a seamless transition between the exploration and the production licenses”.  

About

Monastyretska license produces about 460 bpd of oil from four wells. The installation of a sucker rod pump with a scraper on the recently drilled Blazh 10 well is being considered to slightly increase its oil production, while reducing the frequency of hot oil washes to dissolve paraffin deposition in the tubing.

Based on the reservoir simulation study conducted last year, Monastyretska license can produce up to 3.5 million barrels of oil with a further 2.1 million barrels coming from the implementation of a water injection scheme.

-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

Quick facts: Cadogan Petroleum Plc

Price: 5.025

Market: LSE
Market Cap: £11.85 m
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Cadogan Petroleum CEO highlights increasing production and business growth ...

Cadogan Petroleum Plc (LON:CAD) CEO Guido Michelotti tells Proactive London's Andrew Scott the company's continuing to make solid progress as it increases production and grows its exposure to a growing business outside Ukraine. He adds that the firm has a springboard for growth in Ukraine...

on 29/10/19