Business
Correction: Interim Management Statement
Correction: Interim Management Statement.
About this update from Cadogan Energy Solutions Plc
[{"type":"text","content":"\n \n30 May 2013\n\nThe Company announces that the Interim Management Statement announcement\nreleased at 10:37am on Friday 17 May 2013 under reference PRNUK-1705131036-6F91\ncontained incorrect information regarding the size of the shale gas position in\nthe Lviv Basin. The correct size of the position is 3,800 sq. km.\n\nAll other information in the announcement was correct. A copy of the full\namended announcement is below:\n\n Cadogan Petroleum plc (\"Cadogan\" or \"the Group\") \n\n Interim Management Statement for the period from 1 January to 17 May 2013 \n\nIntroduction\n\nCadogan published its Annual Financial Report for 2012 on 25 April 2013.\n\nFinancial position\n\nAt 17 May 2013 the Group had current cash and cash equivalents of approximately\n$66.8 million.\n\nOperations\n\nThe Group continued to operate safely and efficiently throughout the period.\n\nAs outlined in the Annual Report in the Chairman's Statement and Chief\nExecutive's Review (and as notified on 25 April 2013), in 2012 the Company\noverhauled its technical operations and sub surface exploration teams in light\nof disappointing results on its Pokrovskoe and Zagoryanska licences. Following\ncompletion of that process we continue to re-focus our operations on those\nlicences where management believes that new and potentially economically viable\nprospects exist.\n\nRig site preparation to re-enter the Borynya 3 well is almost complete and the\nGroup's Astro Service rig is expected to be ready on location at the beginning\nof June. The gas shows, evident from previous logging and drilling data, are\nencouraging albeit further work will be needed to ascertain the commercial\nviability of the prospect. On the Monastyretska licence in Western Ukraine,\noperations at the Blazhiv 1 well continue to demonstrate positive results.\nAfter an initial period of production at 5 cubic metres per day, the well is\nnow stabilised at 3.5 cubic metres per day and an evaluation for further\nimprovement, as well as the re-entry of a further two wells, is ongoing. In Zag\n3 an intervention to open the V19 level to production was completed but testing\ndid not produce gas at a commercial rate. V18 produced gas at a low rate and we\nare in the process of evaluating a rig-less chemical wash intervention to\nenhance production. Work with our joint venture partner Eni on assessi...