Cadogan to start oil and gas production in Ukraine in 2009

17:32

Britain's Cadogan Petroleum will start oil and gas production in 2009 at four of its main fields already in development in Ukraine, the company said in a statement filed with the London Stock Exchange (LSE).

The company is drilling or will commence the drilling of nine wells next year.

In January, the company will commence production at well Pirkove N1, which has been drilled to its target depth and is currently undergoing testing.

Cadogan also said that Gaffney Cline & Associates Ltd would reassess its reserves with the aim of transferring nominal resources into reserves, thereby reflecting the company's drilling and testing results. The results will likely be tallied and presented at the start of 2009.

Сadogan Petroleum was formed by private investors in October 2004 for the implementation of oil and gas projects in CIS countries. In order to realize its plans, in June 2008, the company held an IPO on the LSE in which it sold 66,443,479 shares at 2.3 pounds sterling per share.

20.11.2008