Cadogan Petroleum wraps up Ukraine work-over campaign

London-listed independent oil and gas company Cadogan Petroleum has doubled production rates from its Blazh-Mon 3 well after successfully wrapping up its work-over programme in the L'viv region of Western Ukraine.

Cadogan's three-well campaign, completed on time and within budget, with minimal capital deployment, follows two previous successful work-overs, which has resulted in oil production from the Monastyretska licence increasing fourfold.

With Blazh-Mon 3 producing 24 barrels of oil per day, the overall campaign has upped production from the Monastyretska license to 225 barrels every day - a 150% increase on production rates at the campaign's start.

Chief executive Guido Michelotti said: "This result exceeds the company's expectations and put Cadogan on track to deliver on its 75% increase in production. It also reinforces the value of the company's strategy of creating a solid base for growth by monetizing the value of its Ukrainian assets with minimal deployment of capital."

As of 0840 BST, Cadogan shares had lost 1.31% to 7.92p.