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

Market: LSE
Market Cap: £6.71 m

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