Cadogan Petroleum Plc - Operations Update

Cadogan Petroleum Plc - Operations Update

PR Newswire

London, January 10

Press Release11January 2021

This announcement contains inside information as defined under the Market Abuse Regulations n. 596/2014

Cadogan Petroleum Plc

("Cadogan" or the "Company")

Cadogan Petroleum plc ("Cadogan"), the London Stock Exchange listed independent oil and gas company is pleased to provide the following operational update post year end.

In 2021, production continued to grow. Net oil production was 127,662 bbl corresponding to an average of 350 bpd. This is 20% above the production of 2020.

This production result was achieved thanks to the full operation of the 4 wells and the optimization of the operational regimes of these wells, in particular the Blazhiv-10 well.

In 2021 the Company conducted and completed full hydrodynamic surveys of Blazhiv-1, Blazh-3, Blazhiv-Monastyrets-3 and Blazhiv-10 wells.

In the second half of 2021, Cadogan launched studies for data reprocessing and reinterpretation of old 2D seismic data. The purpose was to get a geological construction precision of Blazhiv oil field and Monastyretska fold, and to identify new perspective structures within the license area boundary. These studies will be available in Q1 2022.

To prevent the spread of Covid-19, the Company continued to strictly maintain administrative and healthcare measures, and to provide safe working conditions for its employees.

All activities were executed without LTI or TRI, with a total over 1,400,000 manhours since the last incident.

The ?ompany continued defending its positions, towards the State Geological Service for Bitlyanska license award approval and expects decision during 2022.

Notwithstanding, the Court of First Instance partly satisfied LLC Astrogaz claim for the Pirke license award, confirmed inaction of the Licensing Authority and obliged it to review the Pirkivska license application, the Appeal Court and the Supreme Court rejected the claim of Astrogaz. This decision will not have a financial impact as Pirkovska license was totally impaired before.

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
Fady Khallouf Chief Executive Officer [e-mail]
Ben Harber Company Secretary [phone]