Cadogan Sees Good Shows at Pirkovskoe-1 Well in Ukraine

Cadogan Petroleum PLC has provided the following operational update for its wells in Ukraine.

  • The Pirkovskoe-1 well has reached its Total Depth (TD) of 5,630 meters
  • Coring and logging data has indicated net pay of over 65 meters across three zones
  • The reservoir characteristics have exceeded the management’s expectations, providing upside potential for production rates and Resources to Reserves conversion
  • Preliminary well testing has been carried out on Pirkovskoe-460 and the well has been tied back to the Company’s production facility
  • Acid stimulation treatment will now be carried out which is expected to lead to the Company achieving or exceeding the forecasted levels of production
  • The Borynya-3 well has encountered unexpected gas shows at shallow intervals during drilling providing support to the management’s view that the principal targets will be hydrocarbon charged
  • The Pirkovskoe-2 well is currently drilling at a depth of 3,876 meters with an expected TD of 5,800 meters
  • The Pokrovskoe-1 well is currently drilling at 3,922 meters with an expected TD of 5,450 meters
  • Testing will commence shortly on the Pokrovskoe-2 well, the first exploration well on the Pokrovskoe structure

“We are very pleased to have reached TD on Pirkovskoe-1 and to have already identified net pay in a fault block which currently only has prospective resources attributed to it," said CEO Mark Tolley. "Furthermore, we have made clear progress by tying back Pirkovskoe-460 into our production facilities ahead of an acid stimulation program. We are also very encouraged by the hydrocarbons encountered in both the Borynya-3 and Pokrovskoe-2 wells. This drilling update represents the first steps in building our production profile and moving prospective resources into the Proven and Probable Reserves category.”