Guido Michelotti tells Proactive that the result of the Blazh-10 well in Ukraine has proved beyond any doubt that Cadogan Petroleum PLC (LON:CDG) has become a very efficient operator.
Flow rates achieved were among the highest seen yet in this part of the world and are a benchmark in term of productivity for the region, he adds.
“It’s something we are proud of and was very important for the company.”
The well also fulfils the remaining licence commitment and paves the way for Cadogan to apply for a 20-year production licence.
It is also generating US$250,000 a month in revenue for the business, adds CEO Michelotti.
“Now have a solid foundation on which to build.”