Resolution of Licence Issues
September 16 2010 - 4:51AM
UK Regulatory
TIDMCAD
RNS Number : 7999S
Cadogan Petroleum PLC
16 September 2010
RNS
Cadogan Petroleum plc
Resolution of licence issues
Further to the recent announcement regarding the agreement on the resolution of
the indirect challenge to the Company's Pirkovskoe and Zagoryanska licences, the
Board is pleased to report that the Company has been advised by the State
Geological Service - Interdepartmental Work Group on subsurface use, which is
part of the Ministry of Environmental Protection of Ukraine, that it has
resolved that the following matters should be submitted to the Minister for
final approval.
1. The approval of the change to the work programme at Pokrovskoe 1
2. The lifting of the suspension of the Debeslavtska field
3. The removal of the suspension on the Slobodo Rungarske field
4. The extension of the Pirkovskoe licence to June 2015
5. The amendment of the work programme at Zagoryanska
These resolutions will permit the previously announced deepening of the
Pokrovskoe 1 well to commence and test a structural target identified on
recently reprocessed seismic data. At Debeslavtska they will allow production
from existing wells to recommence and the drilling of a series of three new
shallow production wells. The Board remains confident that the lost production
from this field due to the suspension can be recovered. At Slobodo Rungarske the
abandonment of several non-commercial oil wells is underway and the deeper
potential is currently under evaluation. At Pirkovskoe 1, minor oil production
can resume and allow the Company to continue its evaluation of the Pirkovskoe 1
well.Reserves attached to the Pirkrovskoe licence, as at 31 December 2009, are
2.4 mmboe of proved and probable reserves, 5.0 mmboe of possible reserves and
134.0 mmboe of contingent resource. The licence area is adjacent to the
Zagoryanska licence where the Lower Visean interval is producing successfully at
Zagoryanska 3.
Monastryeksa Licence
The Board also announces that the Monastryeksa licence has been extended to
December 2014. This licence contains the Blazivska field which was previously
under the Company's operatorship and had been producing small amounts of oil.
The terms of the extension will allow production to recommence shortly in
parallel with an evaluation program to establish a plan to increase production.
Commenting on these developments, Ian Baron, Chief Executive Officer, said "The
resolution of our licence issues clearly indicates the improving operational
climate for Cadogan in Ukraine. It also highlights the progress that the Company
has made over the last 12 months in evaluating and developing economically
successful projects to increase value for shareholders."
Enquiries
+-----------------------------------------+------------------------+
| Cadogan Petroleum plc | +44 20 7245 0801 |
+-----------------------------------------+------------------------+
| Ian Baron, Chief Executive Officer | |
+-----------------------------------------+------------------------+
| Stefan Bort, Company Secretary | |
+-----------------------------------------+------------------------+
+------------------------+------------------+
| Bankside | +44 20 7367 8888 |
+------------------------+------------------+
| Simon Rothschild | |
+------------------------+------------------+
| Rose Oddy | |
+------------------------+------------------+
Ends.
This information is provided by RNS
The company news service from the London Stock Exchange
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