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Cadogan Petroleum shares rise as Vovche-2 well encounters oil

Analysis of the initial well findings indicate the presence of oil and further well testing will now take place

Cadogan Petroleum PLC (LON:CAD) shares advanced strongly in Thursday morning deals on news that the company’s Vovche-2 well had encountered oil.

The well was drilled to its planned total depth, encountered both pre-drill targets and was completed on time and budget.

READ: Cadogan Petroleum ticks right boxes as production picks up

Cadogan said that both pre-drill target horizons were penetrated and in logs were indicated to be oil-bearing.

It added that oil saturation in the lower target was further confirmed by cores, and, a third thinner interval appeared as potentially oil-bearing from logs.

“The well has been cased and is being tested to establish whether it is capable of sustaining commercial production rates,” the company said in a statement.

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