leadf
logo-loader
viewCadogan Petroleum PLC

Cadogan Petroleum confirms well workover success

The company has now completed three well workovers that have substantially improved output

oil and gas operations
Group production now stands at around 225 boepd

Cadogan Petroleum Plc (LON:CAD) told investors that it has successfully carried out a workover programme for the Blazh-Mon 3 well, which has now seen production double.

The Blazh-Mon 3 well has flowed at a rate of 24 barrels of oil per day following the intervention.

WATCH: Cadogan Petroleum anticipating substantial growth in production

It is the latest well to be treated – two others were completed previously – and overall the workovers has triggered a 150% improvement in production, to 225 bopd.

“This result exceeds the company’s expectations and put Cadogan on track to deliver on its 75% increase in production,” said Guido Michelotti, Cadogan chief executive.

“It also reinforces the value of the company’s strategy of creating a solid base for growth by monetizing the value of its Ukrainian assets with minimal deployment of capital”

Cadogan highlighted that group production, which also includes gas operations at the Debeslavetska field, now amounts to 285 boepd.

Quick facts: Cadogan Petroleum PLC

Price: 2.75 GBX

LSE:CAD
Market: LSE
Market Cap: £6.71 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...

FOR OUR FULL DISCLAIMER CLICK HERE

Yandal Resources welcomes new strategic investors ahead of busy period of...

Yandal Resources Ltd's (ASX:YRL) Lorry Hughes caught up with Proactive's Andrew Scott after raising $6 million in a placement to accelerate an exploration program across its suite of gold projects in Western Australia. DGO Gold Limited (ASX:DGO) subscribed for 8 million shares at 50 cents per...

15 minutes ago

2 min read