Company Update

RNS Number : 2102H

Cadogan Petroleum PLC

16 February 2010

 



16 February 2010

Cadogan Petroleum PLC

("Cadogan" or the "Company")

Company Update

Bitlyanska licence

Cadogan is pleased to report that the Ministry of Environment of Ukraine has granted an extension to the Bitlyanska license for a further five years. The license will now expire on 23 December 2014. The Bitlyanska license is located in western Ukraine and is the permit on which the Borynya 3 well was drilled last year. As advised to shareholders on 12 October 2009 drilling of the Boryna 3 well was terminated at a depth of 5,325m for further evaluation. The well demonstrated that an active hydrocarbons system is present over an extended interval having encountered 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.

Farm-out programme

As part of the Company's strategic re-structuring, a farm-out program has been initiated on four of our 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 programme. The farm-out process is being facilitated by IndigoPool, who will assist the Company in the marketing and presentation of information on the licenses. Initial indications of interest have already been received.

Cancellation of share premium account

Following the passing of a special resolution of members of the Company at a General Meeting held on 11 November 2009, the High Court of Justice of England and Wales approved the cancellation of the Company's share premium accounts pursuant to a court order dated 9 December 2009. Such court order was subsequently registered with the Registrar of Companies on 17 December 2009.

Enquiries:

Cadogan Petroleum PLC    [phone]

Ian Baron

Stefan Bort

Pelham Bell Pottinger

Evgeniy Chuikov                   [phone]

Phillip Dennis                       [phone]                          

 

END

 

 

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