Cadogan Petroleum Plc - Trading Update

Cadogan Petroleum Plc - Trading Update

PR Newswire

London, October 7

Press Release8 October 2019

Cadogan Petroleum Plc

("Cadogan" or the "Company")

Trading update

Cadogan Petroleum plc ("Cadogan"), an independent, diversified oil & gas company listed on the main market of the London Stock Exchange, is pleased to provide the following update on its activities in Ukraine.

On the Monastyretska licence, a new sucker rod pump has been installed on the Blazh 10 well. The previous sucker rod pump was not functioning correctly and has been removed.

The installation of a new pump was used as an opportuntity to record a pressure build-up followed by a production log. The analysis of the build-up highlighted a decrease of the well productivity index, while the production log has confirmed the profile which had been recorded in May.

The well has been put on production at 185 bpd of oil, while seeking a coliled tubing unit to perform a stimulation of the well and enhance its productivity. With the Blazh-10 well in its current production regime, the field is producing 400 bpd of oil.

The application to convert the Monastyretska license to a production licence is following its due process, which is managed by the State Geological Service of Ukraine. The process includes a review and the approval of the Regional Council of L'viv and of the Ministry of Ecology. Furthermore, the Company has filed the application for a 20 year license for the Bitlyanska licence. Both applications are expected to be reviewed by L'viv Regional Council this month.

Cadogan's local subsidiary, USENCO, has signed MoU's for social projects with the representatives of the two district councils where Monastyretska license is located.

DNV GL, a leading provider of risk management and quality assurance services, has conducted a third-party review of the process to calculate and report emissions and found that the restated numbers in 2018 Annual Report were appropriately calculated. They have issued suggestions to further strengthen the process which Cadogan is implementing.

ENDS

About
Cadogan is an independent, diversified oil and gas company, which operates exploration and production licenses in Western Ukraine, conducts gas trading operations, and provides services to E&P companies.

For further information, please contact:

Cadogan Petroleum plc

Guido Michelotti Chief Executive Officer [phone]
Ben Harber Company Secretary [phone]

Cantor Fitzgerald Europe, Broker to Cadogan Petroleum plc

David Porter [phone]