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Cadogan Petrolum receives production licence for key field in Ukraine

The company has already paid the licence fees and has started production

Cadogan Petroleum Plc -

Cadogan Petroleum Plc (LON:CAD) shares rose on Friday following news it has received final approval for a 20-year production licence for the Blazhiv field in Ukraine.

The company has already paid the licence fees and has started production.

Cadogan drilled a new well, Blazh-10, on the field earlier in the year that flowed at 185 barrels per day (bpd), lifting group production to 400 bpd.

Blazhiv is near to Poland and Romania in the Carpathian basin and the opposite side of Ukraine to the zone of military confrontation with Russia.

In early morning trading, Cadogan shares were 18.6% higher at 5.75p.

 -- Adds share price --

Quick facts: Cadogan Petroleum PLC

Price: 3.1 GBX

Market: LSE
Market Cap: £7.57 m

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