28th May 2014 10:14
LONDON (Alliance News) - Cadogan Petroleum PLC Wednesday said it has identified a fourth drillable prospect at its western Ukraine licence in Debeslavetska, which it will start drilling at the end of September.
Earlier this month, the oil and gas producer with interests in Ukraine said it had identified three new drilling prospects in Debeslavetska with the best of them undergoing further testing. It also said that there had been no disruptions to its operations or to the effective management of its licences in Ukraine despite recent instability in the country.
Cadogan said in a statement Wednesday that a fourth drillable prospect, comprising three different
levels down to a depth of approximately 350 metres, has since been identified.
The company said that drilling of the prospect is expected to take up to 10 days, followed by testing and eventual completion around three weeks after that.
It said that producible resources for the new prospect are expected to be in the range of four billion cubic feet.
Cadogan also said that analysis continues on the other three identified prospects, and if drilling is successful on the fourth prospect, it will start drilling on one of the remaining three prospects before the end of 2014.
The company also said it has started work-over activity on Pirkovskoe in its eastern licences, following an initial period of rig-less testing on Pirk 1. It expects the work to last approximately four months.
Cadogan shares were down 4% at 8.88 pence Wednesday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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