Cadogan Petroleum Loan to Proger Managers & Partners srl - Arbitral Update

 
TIDMCAD 
 
8 August 2022 
 
This announcement contains inside information as defined under the Market Abuse 
Regulations n. 596/2014 
 
                             Cadogan Petroleum Plc 
 
                         ("Cadogan" or the "Company") 
 
         Loan to Proger Managers & Partners srl - Arbitral proceeding 
 
Cadogan Petroleum plc ("Cadogan"), the London Stock Exchange listed independent 
oil and gas company, reports that on August 1st, 2022, Mr. Marco Lombardi, the 
Director of Proger Managers & Partners S.r.l. sent out an announcement on the 
result of the arbitral proceeding between the aforementioned company together 
with MA.LO. s.r.l., TIFS Partecipazioni s.r.l. and Proger Ingegneria s.r.l., on 
the one hand and Cadogan Petroleum Holding B.V.  on the other hand. 
 
This announcement does not reflect the effective result of the arbitral 
proceeding and it represents inaccurate and incomplete information to the 
market. 
 
The Arbitral Committee: 
 
-  rejected Proger's principal claim, and declared that the Loan Agreement is 
valid and effective, 
 
- deemed to qualify the Call Option as a preliminary contract under condition, 
but 
 
- rejected Proger's claim ex art. 2932 Italian Civil Code, stating that it is 
impossible to give an award producing the same effects of a final contract ex 
art. 2932 Italian Civil Code, 
 
- this because of the duties established by the rules of the London Regulatory 
Authority and because of the need, possibly by both parties, to comply with the 
due proceedings before the formalization of the entry of Cadogan into the 
capital of Proger Ingegneria, 
 
- subordinated the stipulation of the final contract to the precedent 
completion of the proceeding and bureaucratic process as per the British rules, 
stating that, otherwise, 
 
- there is the obligation on Proger Ingegneria to return the payment received 
under the Loan Agreement, 
 
- compensated all the expenses of the proceeding. 
 
Therefore, the award stated, among other things, that if the condition does not 
become effective and if the final contract is not signed, Proger Ingegneria is 
under the obligation to return the payment received according to the Loan 
Agreement, which was confirmed as valid and effective, for capital and 
interests. 
 
Cadogan reserves the right to take all further actions and initiatives in 
any competent venue. 
 
                                     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 
Fady Khallouf                  Chief Executive Officer 
[e-mail] 
Ben Harber                      Company Secretary                      +44 0207 
264 4366 
 
 
 
END 
 
 

(END) Dow Jones Newswires

August 08, 2022 02:00 ET (06:00 GMT)