Well Update

Cadogan Petroleum Plc - Well Update

PR Newswire

London, May 29

Cadogan Petroleum Plc

(“Cadogan” or the “Company”)

Well Blazh-10: Confirms High Productivity on Extended Test

Cadogan Petroleum plc (“Cadogan”), an independent, diversified oil & gas company listed on the main market of the London Stock Exchange, is pleased to report the extended well test on Blazh-10 has confirmed the high productivity of the well, with production of 275 bpd on a 26/64” choke.

Based on the test result, the Company has decided to continue producing the well in natural flow at 275 bpd and to monitor it regularly. With the addition of the Blazh 10 well, oil production from the Monastyretska licence has now surpassed 500 bpd. The extended well test provides a more accurate picture of the sustainable rate of production, as previously outlined.

The well test started on May 18, once the drilling contractor left the site, with a restricted flow on three different chokes. The well produced 98, 133 and 181 bpd of oil in natural flow respectively on 8/64”, 10/64” and 13/64” chokes; the flow period was followed by a 36 hours pressure build-up which has shown that the well is in communication with nearby wells and has no close barrier.

Oil samples were then collected down hole upon completion of the of the multi-rate well test and subsequently a production log recorded. This latter survey has shown that the contributing perforations are evenly distributed across the entire net pay.

Guido Michelotti, Cadogan Petroleum CEO, commented:

“This is an extremely good result for the Company. 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”.

-ENDS-

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