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Cadogan Petroleum puts Blazh-10 well back on production, seeks stimulation equipment

The well is producing at around 185 bopd, and. the company plans to perform well stimulation work to boost rates.

Cadogan Petroleum Plc - Cadogan Petroleum puts Blazh-10 well back on production, seeks stimulation equipment

Cadogan Petroleum Plc (LON:CAD) has given investors an update on operations at the Monastyretska licence, in Ukraine, where the Blazh-10 well has been put back on production.

The company, in a statement, said that the well was put online at a production rate of 185 barrels of oil per day.

It detailed that a new sucker rod pump was installed to the well, replacing a previous part which was not functioning correctly.

Additionally, Cadogan said that the equipment change was used as an opportunity to record a pressure build-up data, the analysis of which showed a decrease of the well’s productivity. Cadogan noted that a production log meanwhile confirmed the profile is as it was when previously recorded in May.

READ: Cadogan agrees US$2.8mln Gazvydobuvannya sale

Whilst producing currently at around 185 bopd the company said that it was seeking a coiled tubing unit to perform well stimulation work which would enhance output rates.

Overall, with Blazh-10 back online, the field is now producing around 400 bopd.

Cadogan also told investors that its application to convert the Monastyretska license to a production licence is following its due process, managed by the Ukraine authorities, and, which will include a review by the Regional Council of L’viv and of the Ministry of Ecology. 

The company has also applied for a 20 year license for the Bitlyanska field.

It expects both applications to be reviewed by the L’viv Regional Council this month.

In the meantime, Cadogan’s local subsidiary (USENCO) has signed agreements for social projects with representatives of two district councils where Monastyretska is located.

Separately, a risk management and quality assurance consultant has reviewed the company’s processes for calculating and reporting emissions, confirming that figures reported for 2018 were appropriately calculated, and, made suggestions to further strengthen Cadogan’s processes.

Quick facts: Cadogan Petroleum PLC

Price: 3.1 GBX

LSE:CAD
Market: LSE
Market Cap: £7.57 m
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