Cadogan Petroleum plc, a London-listed oil and gas company with operations in Ukraine, has suspended drilling of the Pokrovska 1 well "due to the onset of winter weather and the complexity of the drilling operations," the company said in a disclosure for the London Stock Exchange.
The well has been drilled to a depth of 5,450 meters. The planned depth is 5,800 meters.
"Management have commenced discussions on using an alternative all-weather rig and hope to recommence drilling operations early in 2011," the report says.
Cadogan is currently working to drill three wells at the Debeslavetska field in Ukraine.
Сadogan Petroleum plc was set up in October 2004 to carry out oil and gas projects in CIS countries. SAE Capital Holdings S.A. (U.S.) became the leading shareholder with the purchase of 29.12% of shares in June 2010. Lloyds Banking Group plc (UK) consolidated 9.06% of shares in November.
