Cadogan Petroleum : Operational update

Operational update

Released : 07/03/2017 07:00

Cadogan Petroleum Plc ("Cadogan" or the "Company")

Operational update

Cadogan Petroleum plc ("Cadogan" or the "Company") is pleased to announce the successful re­entry of two old, suspended wells drilled in its Monastyretska licence. The wells, which have been rented from Ukrnafta under a profit sharing agreement, are currently producing a combined 30 barrels of oil per day under natural flow. Both wells are under monitoring before proceeding with the installation of sucker rod pumps in order to increase their production rates.

These well re­entries are part of Cadogan's strategy of increasing production from its Ukrainian licences via a disciplined deployment of its financial resources as an efficient, low­cost operator of marginal fields.

About

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

Ukrnafta is the largest oil company in Ukraine, contributing 67.9% of the nation's oil and gas condensate production (2015 data). Ukrnafta also owns one of the largest filling stations network in Ukraine.

For further information, please contact:

Cadogan Petroleum plc

Guido Michelotti, Chief Executive Officer

[phone]

Ben Harber, Company Secretary

[phone]

Cantor Fitzgerald Europe

[phone]

David Porter Sarah Wharry