Cadogan Drilling Ahead in Zagoryanska Field, Plans to Produce in '09

Zagoryanska License
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Zagoryanska Top 2 Reservoir
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Cadogan has provided an update on the Company's drilling operations on the Zagoryanska field, Poltava Region, Ukraine.

The Zagoryanska 3 well was drilled to the target depth of 5110 meters and testing was carried out on the V26 horizon from a net pay zone of 3.2 meters. During testing the well flowed at a rate of 4.6 mmcfd of gas and 370 barrels of condensate equivalent to 1135 boepd with a wellhead flowing pressure of 2639psi, through a 17/64 inch choke, which was ahead of expectations. Further testing will now be carried out on the V23/24 and possibly on the V-18/19 and V-16/17 and V-15 horizons. The total net pay in the well is 30.0 meters.

Construction of field infrastructure, Pilot Gas Plant and a 6km pipeline to a gas sales tie-in point is expected to be completed, and commercial production commenced, in Q1 2009.

Importantly, only contingent resources are currently accounted for on the Zagoryanska field and this commercial test rate should result in conversion of contingent resources to reserves. Data will now be passed to independent international reserves auditors Gaffney Cline and Associates, to incorporate into the annual reserves report expected to be published in Q1 2009.

Zagoryanska license is located immediately to the east of the Pirkovskoe field and covers 49.6km2. As announced on October 13, the Poltava Regional Court confirmed Cadogan's full license rights to both fields.

Mark Tolley, Chief Executive commented, "We are very pleased with the successful completion of this well and the commercial rates it has demonstrated. These rates are above our initial expectations and should positively impact our reserves at their next assessment. Testing on other sections of the well will now take place and production from the field is expected to commence early next year. This is one of a number of wells that are scheduled to be completed during Q4 2008 and Q1 2009, demonstrating the exciting operational program underway, and creating the potential to significantly grow our reserves and production base.”



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