Cadogan Petroleum to drill new well in Ukraine by September

May 29, 2014

Following the Company's announcement dated 15 May 2014 stating that 3 new drillable prospects had been identified in Debeslavetska, the Company is pleased to report that a fourth drillable prospect, comprising 3 different levels down to a depth of approximately 350m, has since been identified, Cadogan’s press office said on May 28.

This fourth prospect has now been selected for drilling to commence at the end of September. Drilling is expected to take up to 10 days followed by testing and eventual completion approximately 3 weeks thereafter. Expected producible resources for this new prospect are in the range of 4 billion cubic feet.

Analysis continues on the remaining 3 identified prospects and if drilling on the fourth prospect proves successful, the Company anticipates drilling to commence on one of these remaining prospects before the end of 2014.

Source: Cadogan Petroleum Press Office, 2014