Cadogan Petroleum Plc

Cadogan Petroleum has 'set a new benchmark' with Blazh-10 well

Guido Michelotti tells Proactive that the result of the Blazh-10 well in Ukraine has proved beyond any doubt that Cadogan Petroleum PLC (LON:CDG) has become a very efficient operator.

Flow rates achieved were among the highest seen yet in this part of the world and are a benchmark in term of productivity for the region, he adds.

“It’s something we are proud of and was very important for the company.”

The well also fulfils the remaining licence commitment and paves the way for Cadogan to apply for a 20-year production licence.

It is also generating US$250,000 a month in revenue for the business, adds CEO Michelotti.

“Now have a solid foundation on which to build.”

Quick facts: Cadogan Petroleum Plc

Price: £0.06

Market: LSE
Market Cap: £14.73 m


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Proger offers Cadogan Petroleum growth at a good entry price, says CEO...

Cadogan Petroleum PLC’s (LON:CAD) chief executive Guido Michelotti explains the reasons behind the convertible loan to Italian engineer Proger. It  offers growth at a managed level of risk with a good entry price, he told Proactive. Accountant PWC has carried out extensive due...

on 13/3/19

2 min read