The Group holds 100% interest in one conventional gas, condensate and oil license located in Western Ukraine, including an area of 25.9 km2. The license expires in November 2039. Full hydrodynamic surveys are conducted on a regular basis to continue to deepen Cadogan’s knowledge of the subsoil. The production is made presently using four wells all equipped with sucker rod pumps.
In 2023, the Group conducted full hydrodynamic surveys on the four wells. In 2024, an independent expert completed the re-assessment of reserves at Blazhiv field. The expertise confirmed 3.05 millions of boe of 3P reserves and 0,64 million boe of 2C contingent resources associated with the Blazhiv license. These results indicate a strong reserves base.
The license combines existing oil production with significant upside potential.
Additional investments have been made for the construction of a gas infrastructure for collecting the non-commercial associated gas from oil production and for converting it into electricity produced by a gas-to-power generator. Operational since February 2026, this new equipment allows to drop significantly the CO2 emissions related to our oil production activities and generate incremental revenues from the sale of the electricity produced to the Grid Operator.
