Cadogan Petroleum Sale of Gazvydobuvannya

 
TIDMCAD 
 
Press Release 
 
1 October 2019 
 
                             Cadogan Petroleum Plc 
                         ("Cadogan" or the "Company") 
 
                            Sale of Gazvydobuvannya 
 
Cadogan Petroleum plc ("Cadogan"), an independent, diversified oil & gas 
company listed on the main market of the London Stock Exchange, is pleased to 
announce that today it has reached an agreement with Ukrinvest Group for the 
sale of Gazvydobuvannya LLC for a total consideration of $2.8 million. 
 
Gazvydobuvannya LLC is one of two wholly owned subsidiaries, based in the East 
of Ukraine, which does not hold licenses or physical assets and which 
management has been actively seeking to sell. 
 
Guido Michelotti, CEO of Cadogan Petroleum plc, commented: 
 
"The sale of Gazvydobuvannya LLC is part of Cadogan's goal of building a 
platform for growth in Ukraine through the prudent use of its cash resources 
and the monetization of its legacy assets. The first step of our production 
growth was delivered through the re-entry of old wells, requiring minimal 
capital deployment. The second step has been achieved by the success of well 
Blazh 10, a substantial portion of which will be self-financed through the sale 
of this company". 
 
                                     ENDS 
 
About 
Cadogan is an independent, diversified oil and gas company, which operates 
exploration and production licenses in Western Ukraine, conducts gas trading 
operations, and provides services to E&P companies. 
 
For further information, please contact: 
 
Cadogan Petroleum plc 
 
Guido Michelotti              Chief Executive Officer                  +380 
(44) 594 5870 
Ben Harber                     Company Secretary                       +44 0207 
264 4366 
 
Cantor Fitzgerald Europe,   Broker to Cadogan Petroleum plc 
 
David 
Porter 
[phone] 
 
 
 
END 
 

(END) Dow Jones Newswires

October 01, 2019 11:29 ET (15:29 GMT)