Cadogan reclassifies most of Pirkovskoe reserves as contingent

Cadogan Petroleum (LSE: CAD LN) announced yesterday in an updated reserves and resources report that it reclassified most of its reserves in the Pirkovskoe field as contingent resources, following disappointing results from its drilling campaign in 2008 and 1H09. The company said that depending on future operations some of those resources could be reclassified as reserves. The company’s proved and probable reserves of natural gas decreased from 614.5 bcf to 31.0 bcf over 2009, and condensate from 43.9 mmbbl to 2.1 mmbbl. Meanwhile, Cadogan’s contingent resources of gas increased 904.8 bcf to 2,488.0 bcf and condensate by 60.1 mmbbl to 108.1 mmbbl. Cadogan said it expects to release its 2009 financial statements in April.