Business
Interim Results
Interim Results.
About this update from Cadogan Energy Solutions Plc
[{"type":"text","content":"\n RNS Number : 2686C Cadogan Petroleum PLC 29 August 2008 \n \nCADOGAN PETROLEUM PLC \nInterim Results\n\nCadogan Petroleum Plc ('Cadogan' or the 'Company' and together with its subsidiaries the 'Group') (LSE: CAD), an independent oil and gas exploration, development and production company with onshore gas and condensate assets in Ukraine, today announces its interim results for the six months ended 30 June 2008. \n\nHIGHLIGHTS\n\nOPERATIONAL\n\n\nPirkovskoe #1 completed testing in the Upper Visean and has been drilled to TD at 5,710 metres\n\n\nPirkovskoe #460 workover has been tested in the Lower Visean (V26) and produced at rates up to 30,000 m3 per day. The well will now be stimulated with acid (TD: 5,850 metres)\n\n\nPirkovskoe #2 well is drilling at 4,119 metres (TD: 5,800 metres)\n\n\nPokrovskoe #1 well is drilling at 4,143 metres (TD: 5,450 metres)\n\n\nPokrovskoe #2 well is being prepared for testing in the Upper Visean (V20/V21) (TD: 5,400 metres)\n\n\nZagoryanska #3 well recommenced drilling in Q1 2008 and is now at TD of 5,110 metres\n\n\nBorynya #3 well was spudded in December 2007 and has reached a depth of 2,471 metres (TD: 4,500 metres) \n\n\nContracts for the construction of 2 new gas processing plants at Pirkovskoe, Zagoryanska and Borynya have been signed and construction of the plants as well as site preparation has commenced in July 2008 \n\n\n\nFINANCIAL\n\n\nInitial public offering on the London Stock Exchange in June 2008, raising net proceeds of approximately £145.0 million together with £26.5 million of private fundraising raised during January to May of 2008\n\n\nNet cash and cash equivalents at period end of £151.4 million (H1 2007: £2.5 million)\n\n\nTotal capex of £24.1 million during H1 2008 (H1 2007: £9.7 million)\n\n\nAcquisition of LLC Mercor, with interests in JAA #17 on the Zagoryanska licence for total cash consideration of £2.3 million \n\n\n\nH2 2008 OUTLOOK\n\n\n\nThe Group continues to pursue a satisfactory and timely conclusion to the legal challenge surrounding the validity of its Pirkovskoe and Zagoryanska licences\n\n\nTotal planned capex on operations in H2 2008 of £99.4 million\n\n\nExpect to reach TD on the Pirkovskoe #2 and Borynya #3 wells\n\n\n...