Cadogan: New exploration potential discovered on multiple licences

Oil and gas exploration company Cadogan Petroleum has identified new and economically viable exploration and production potential at most of its existing licences, an operational update has shown.

The company, which has onshore gas and condensate assets in the Ukraine, reported that it had applied seismic reprocessing technology to better understand its existing exploration opportunities.

It reported that the efforts had proven successful in Pokrokovska, helping to identify three shallow depth prospects, two mid-depth prospects and three deep prospects.

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In the West of Ukraine, the company reported that three shallow leads had also been identified within the Debeslavetska licence.

A sucker rod pump was installed at the company's Blazhiv well, also in the West of Ukraine, which showed "positive results".

The company said: "In general, the identified objectives are gas and oil bearing and belong to shallow, medium and deep horizons. New, promising areas for investment are already under scrutiny and the company will report on these in due course."

Cadogan's share price was down 3.70% to 13p at 09:44 on Thursday.