logo-loader
viewCadogan Petroleum Plc

Cadogan Petroleum expects Ukraine production to restart soon

“Suspension is not expected to last long and the company is ready to resume production as soon as the license is awarded,” said Cadogan

Cadogan Petroleum Plc -
Its Ukrainian Blazhiv oil field produces an aggregate of 225 bpd.

Cadogan Petroleum Plc (LON:CAD) expects production to resume soon at the Blazhiv field in Ukraine, after the awarding of 20-year production license was delayed.

Following the expiration of the current licence on Tuesday, the oil and gas company said that the country's central licensing authority, the State Geological Services (SGS), had not yet approved the license because of “temporary internal procedural reasons”, and that it has prepared to suspend production until it receives a valid permit.

READ: Cadogan Petroleum agrees US$1.2mln AstroInvest sale

“Suspension is not expected to last long and the company is ready to resume production as soon as the license is awarded,” said the company in a statement.

Earlier in the month the regional council approved the application for a 20-year production license for the Blazhiv field, formerly known as Monastyretska, and passed on to the SGS.

Cadogan filed a 20-year production license with the SGS nearly five months before the current exploration license’s expiration on Tuesday.

Usually, the company operates three wells on the Blazhiv field, which produce an aggregate of 225 barrels per day.

Quick facts: Cadogan Petroleum Plc

Price: 4.85 GBX

LSE:CAD
Market: LSE
Market Cap: £11.43 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Cadogan Petroleum Plc named herein, including the promotion by the Company of Cadogan Petroleum Plc in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

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

2 min read