TIDMCAD
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 +44 20 7245 0801
Ian Baron
Stefan Bort
Pelham Bell Pottinger
Evgeniy Chuikov +44 20 7337 1513
Phillip Dennis +44 20 7337 1516
This information is provided by RNS
The company news service from the London Stock Exchange
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