Operational Update

Press Release - 16 November 2018

This announcement is deemed to contain Inside Information as defined under the Market Abuse Regulations n. 596/2014

Cadogan Petroleum Plc.
(“Cadogan” or the “Company”)

Vovche-2 well test results

Cadogan Petroleum plc. (“Cadogan”), an independent, diversified, oil & gas company listed on the London Stock Exchange, announces the results of the Vovche-2 well test.

Following the successful drilling of the Vovche-2 well on time and budget, the Company commenced testing, which confirmed the presence of oil though the well did not deliver commercial levels of production.

The first interval tested produced sub-commercial oil quantities with water. The second tested interval was dry and the third produced limited volumes of an oil and water emulsion. 

The drilling rig is being released and the well will be put under monitoring. Results of the well tests are being reviewed and will be integrated with the on-going analysis of the produced fluids and the results from the core analyses to decide on the way forward.

Commenting, Guido Michelotti, CEO of Cadogan, said:

“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. 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.”

-ENDS-

About

Cadogan is 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
David Porter Nick Tulloch		[phone]