The drilling of the Boryna 3 well was terminated at a depth of 5,325mt for further evaluation. The well suggested that an active hydrocarbons system is present over an extended interval having found out 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.
As per the strategic re-structuring of the company, a farm-out program has been initiated on four of the 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, which will assist the company in the marketing and presentation of information on the licenses.
