Cadogan Petroleum Possible combination with Ascent Resources plc

 
TIDMCAD 
 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR 
   FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE 
                      RELEVANT LAWS OF THAT JURISDICTION 
 
                             CADOGAN PETROLEUM PLC 
 
      Statement regarding possible combination with Ascent Resources plc 
 
31 March 2016 
 
Further to its announcement on 29 March 2016, Cadogan Petroleum plc ("Cadogan" 
or the "Company") notes the recent appreciation in the share price of Ascent 
Resources plc ("Ascent"), which as at the close of business yesterday was at a 
658% premium to the closing share price of 0.93 pence on 23 March 2016, being 
the business day immediately prior to the announcement by Ascent regarding the 
possible combination of Cadogan and Ascent. 
 
Cadogan has conducted extensive due diligence on Ascent and the Petisovci Gas 
Project, however this share price rise has taken Ascent's enterprise value 
above a level that Cadogan was prepared to consider for a potential 
transaction. As a result, Cadogan confirms that it does not intend to make an 
offer for Ascent. 
 
This announcement is made in accordance with Rule 2.8 of the UK City Code on 
Takeovers and Mergers (the "Code"). As a result of this announcement Cadogan 
will, together with any party acting in concert with Cadogan, be bound by the 
restrictions contained in Rule 2.8 of the Code. 
 
Cadogan reserves the right to announce an offer or possible offer or make or 
participate in an offer or possible offer for Ascent (and/or take any other 
action which would otherwise be restricted under Rule 2.8 of the Code) within 
the next six months following the date of this announcement in the 
circumstances set out in Note 2 to Rule 2.8 or with the consent of the Panel on 
Takeovers and Mergers. 
 
In accordance with Rule 30.4 of the Code a copy of this announcement will be 
available at http://www.cadoganpetroleum.com/ 
 
The content of the website referred to in this announcement is not incorporated 
into and does not form part of this announcement. 
 
Enquiries: 
 
Cadogan Petroleum plc                   [phone] 
 
Guido Michelotti, Chief Executive 
Officer 
Marta Halabala, Company Secretary 
 
Cantor Fitzgerald Europe                [phone] 
 
David Porter 
Sarah Wharry 
 
 
 
END 
 

(END) Dow Jones Newswires

March 31, 2016 12:07 ET (16:07 GMT)