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Cadogan Petroleum kicks off new drilling with Vovche-2 well

The Vovche-2 well will take 20 days to drill and it will be followed by the Blazh-10 well

oil and gas operations
If successful the Vovche-2 well will be put on production

Cadogan Petroleum PLC (LON:CAD) told investors that drilling operations have begun for the shallow Vovche-2 well on the Bitlyanska licence.

The programme is due to last for 20 days and, if successful, the well will be put on production.

READ: Cadogan Petroleum ticks right boxes as production picks up

In the meantime, the company is selecting a heavier rig to drill the Blazh-10 well on the Monastyretska licence as planned. Such a well will target the Yamna sandstones, which is host to three times currently producing wells.

At Monastyretska, the drilling is expected to start in November and the programme will take three months to drill.

“We are encouraged by the results of the reservoir simulation study,” said Guido Michelotti, chief executive.

“It confirms our expectation of upside potential on the core Monastyretska licence and sets the direction for its optimal exploitation.

“The field is geologically complex, but can deliver good results if carefully studied and produced under best-in-class reservoir management, as demonstrated by our recent string of successful work-overs, post which it continues to produce at a stable rate of 212 bpd.”

“We are also excited by the resumption of drilling operations after a pause of three years and look forward to progressing these further.”

Quick facts: Cadogan Petroleum PLC

Price: 2.75 GBX

Market: LSE
Market Cap: £6.71 m

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