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Cadogan Petroleum’s Vovche-2 well shown to be sub-commercial

“The well results have no impact on Cadogan’s strategy to farm-out the appraisal of the deeper gas-condensate resources proved by earlier drilling”

oil and gas operations
The presence of oil was confirmed but flows were not commercial

Cadogan Petroleum PLC (LON:CAD) has revealed that following the testing of the Vovche-2 well, it has been confirmed as sub-commercial.

The company, in a statement, the testing showed the presence of oil, though not at commercial levels of production.

READ: Cadogan Petroleum set for US$1.75mln injection as it exits shale venture

Providing further details, it noted that the first interval tested produced sub-commercial oil quantities with water, the second was dry and the third produced only limited volumes of oil and water emulsion.

“While the Vovche-2 well has not produced commercially viable volumes of oil when tested, it has fulfilled the remaining licence obligation to drill and has done so with a moderate deployment of capital,” said Guido Michelotti, Cadogan chief executive.

“The well results have no impact on Cadogan’s strategy to farm-out the appraisal of the deeper gas-condensate resources proved by earlier drilling.”

Quick facts: Cadogan Petroleum PLC

Price: 2.75 GBX

LSE:CAD
Market: LSE
Market Cap: £6.71 m
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