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Cadogan Petroleum (CAD.L)


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Cadogan (CAD LN, 170.5p, up 11.8%),

...with onshore gas and condensate assets in Ukraine, provides an operational update. The Pirkovskoe-1 well has reached its Total Depth (TD) of 5,630 metres and coring and logging data has indicated net pay of over 65 metres 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

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Cadogan (CAD LN, 170.5p, up 11.8%),

...with onshore gas and condensate assets in Ukraine, provides an operational update. The Pirkovskoe-1 well has reached its Total Depth (TD) of 5,630 metres and coring and logging data has indicated net pay of over 65 metres 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

 

Dr Bubb are you still following these as i just wondered if you had any view on the legal shenanigans being experienced. Obviously they have been walloped because of this, but seems a little stability creeping back in. Dare i say it, a positive outcome might spell a huge springboard(stating the obvious again i know), not asking for advice on such a gamble, but i'm wondering what the chances of this being relatively quickly to extremely protracted?

 

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