15th May 2014 11:41
LONDON (Alliance News) - Cadogan Petroleum PLC Thursday said there have been no disruptions to its operations or to the effective management of its licences in Ukraine despite recent instability in the country.
The oil and gas producer currently has interests in 14 fields in Ukraine, with a combined area of roughly 1,150 square kilometres, including three licences in the east of the country near the city of Kharkiv.
The company said that on its Eastern Licences recent analysis has shown great promise, particularly at its Pirkovskoe licence, and that after studies of the region, a drillable prospect has been identified and current tests show good prospectivity and significant potential size.
Cadogan said that at its Western Licences, following some minor delays due to the political instability in Ukraine, it has also identified three new drilling prospects with the best of them undergoing further testing.
The company said some deeper potential horizons appear likely at the site which should improve the potential resources in the area.
Cadogan added that negotiations with local operators in the western regions for the acquisition of two further, existing wells, with the aim to bring them back into production, are underway.
Ukraine has been destabilised in recent months by a change of leadership in the country, the annexation of its Crimea region by Russia, and civil conflict in the east near the border with Russia.
Cadogan Petroleum shares were down 5.4% to 8.75 pence on Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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