16th Feb 2012 07:00
Cadogan Petroleum plc "Cadogan" or "the Company"
Operational update
Cadogan advises that it has decided to temporarily suspend operations on its Pokroskvoe 2a well. This well has been drilled to 4,783 metres into the V22 level of the Upper Visean that exhibited gas shows during drilling and led to a 7" liner being run in and cemented. The logs acquired indicated the presence of hydrocarbons in the lower part of the well and a decision was taken to deepen the well by approximately 350 metres. Whilst pulling out of the hole the running string became stuck and subsequent fishing operations with the limited equipment available in country has not allowed the running tool to be recovered. Management will evaluate the most effective option, amongst those available, to re-enter the well.
Following management review a decision has been made to move the drilling rig to the planned Zagoryanska 11 well, a 5,160 metre well into the Upper Visean.
The workover programme on Zagoryanska wells 1, 2 and 8 continues.
Ends
Contacts
Cadogan Petroleum Plc +44 (0) 207 487 8301
Bertrand des Pallieres Chief Executive Officer
Stefan Bort Company SecretaryBankside +44 (0) 207 397 8888Simon Rothschild
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