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Cadogan Petroleum says 2019 production rose by 15%

Production for the year rose strongly, even when factoring in the downtime experienced late in the year.

Cadogan Petroleum Plc - Cadogan Petroleum says 2019 production rose by 15%

Cadogan Petroleum Plc (LON:CAD) told investors that net production grew by 15% in 2019, even after a 30-day shut down for certain operations during the fourth quarter.

Net production came in at 288 boepd for the year, representing a 15% increase from 2018 and an 89% rise on 2017.

The Blazhiv oil field (previously referred to as the Monastyrestka license) was down for 30 days across November and December - and the Blazhiv-3 and Blazhiv-Monastyrets-3 wells are shutdown due to the expiry of leases.

READ: Cadogan receives production licence for key field

Lease extensions are presently being negotiated, the company noted.

Oil sales were priced at an average of US$47 per barrel, down 10% than in 2018, but, in line with global crude trends.

Commenting on the status of its assets, Cadogan said: “The conversion of the Monastyrestksa exploration license into the 20-year Blazhiv production license was successfully completed, while the process for the Bitlyanska 20-year exploration and production license is at the final stage.

“The company has already secured all intermediary approvals, including those from the regional authorities and is expecting the decision of the Licensing Authority of Ukraine.

“Further updates with regards to the Bitlyanska exploration and production license, as well as the Blazhiv-3 and Blazhiv-Monastyrets-3 lease negotiations will be announced as and when appropriate.”

Quick facts: Cadogan Petroleum PLC

Price: 3.1 GBX

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