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Cadogan Petroleum higher as it confirms Blazh-10 well production test success

“The well not only meets the company’s license commitments, it also adds significantly to Cadogan’s overall production," said chief executive Guido Michelotti

oil and gas operations
Cadogan is now producing over 500 bopd from the Monastyretska licence.

Cadogan Petroleum PLC (LON:CAD) shares jumped higher on Thursday after the explorer revealed a successful outcome from its well testing programme at the Blazh-10 well in western Ukraine.

Blazh-10 produced some 275 barrels of oil per day (bopd) during testing and the company has now decided to continue producing from the well in natural flow.

With the well’s addition, the company is now producing over 500 bopd from the assets within the Monastyretska licence

READ: Cadogan’s fortunes on the up as Blazh-10 comes in strongly

The company highlighted that the Blazh-10 well result give it “a more accurate picture of the sustainable rate of production” from the asset.

"This is an extremely good result for the company,” said Guido Michelotti, Cadogan chief executive.

“The well not only meets the company’s license commitments, it also adds significantly to Cadogan’s overall production.

“The Blazh-10 well set a benchmark for drilling in the local area and it is producing on natural flow at a rate that is substantially greater than the company’s other wells on the license”.

Testing programme details

Well testing began for Blazh-10 on 18 May under restricted choke. It first produced at 98 bopd, then at 133 and 181 bopd.

This was followed by a 36 hour pressure build-up period which confirmed that Blazh-10 is in communication with nearby wells and has no close barrier.

Cadogan collected samples from the well for analysis, and, along with the testing data and production logging information the company has determined that the well’s contributing perforations are evenly distributed across the entire net pay.

In early morning trading, Cadogan shares were 15.8% higher at 11p.

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Quick facts: Cadogan Petroleum Plc

Price: 5.025 GBX

Market: LSE
Market Cap: £11.85 m

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