Cadogan extends Bitlyanska license in Ukraine, looks to farm out

The Ministry of Environment of Ukraine has granted Cadogan an extension to the Bitlyanska license for a further five years. The license will now expire on December 23, 2014. 

The Bitlyanska license is located in western Ukraine and is the permit on which the Borynya 3 well was drilled last year. Drilling of the Boryna 3 well was terminated at a depth of 5,325 meters for further evaluation. The well demonstrated that an active hydrocarbons system is present over an extended interval, having encountered several discrete gas bearing intervals over which good quality logs and LWD data were obtained. This data is being evaluated pending further operations on the well. 

Ukraine Farm-Out Program

As part of Cadogan’s strategic re-structuring, a farm-out program has been initiated on four of its licenses (Bitlyanska, Pirkovskoe, Porkovskoe and Zagoryanska), through which Cadogan is seeking partners to take an equity interest in these areas in return for contributing the future work program. 

The farm-out process is being facilitated by IndigoPool, who will assist Cadogan in the marketing and presentation of information on the licenses. Initial indications of interest have already been received.

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