Cadogan Energy Solutions Share Discussion Threads

[spangle93] 03/2/2021 07:58

Especially when the loan value plus interest is getting on for twice the market cap of the company

[diesel] 03/2/2021 07:42

A very strange way of putting it...sounds like they have never spoken to each other. this is the most bizarre management I’ve ever come across.

[itsriskythat] 03/2/2021 07:26

RNS out .. what it says is Cadogan "reminds .. that maturity is approaching" but does not say "has requested a loan repayment". It's a way of saying nothing again, keeping the options open, and allows for reaching a mutually acceptable short loan extension. A possibility? It is clear that Cadogan won't be exercising its option to convert.

[brumbrum79] 03/2/2021 00:52

For Thordon:

In the Operational Update it's not indicated the average sale price ($/Boe) of the Crude Oil production realized in the 2020 so it's not so easy to estimate Crude Oil revenues

2020 -> $??/Boe
2019 -> $47/Boe
2018 -> $52/Boe

Brent Crude Oil average annual price:
2020 $41.7/Boe -> -35% yoy
2019 $64.3/Boe
2018 $71.3/Boe

Ukrainian Crude Oil price = Brent Crude Oil price less a discount

2020 Crude Oil production 106.400 Bbls -> 291Bopd (288 Bopd in the 2019)

Imho, it's better to be more conservative about Oil production revenues -> 3,5 Usd millions. I try to explain my opinion.

we know these from HY2020 report:
1HY Crude Oil production -> 230 bopd -> 182 days * 230 bopd = 41.860 Bbls
1HY Crude Oil/E&P Revenues -> 1.263.000 Usd
1HY Crude Oil average sale price -> $30,17/Boe
1HY BRENT Crude Oil average Price -> $39,90/Boe
Estimated Discount price for Ukrainian Crude Oil vs. Brent -> -$9,73/Boe -> $10/Boe

For 2HY2020:
Estimated Crude Oil Production -> FY-1HY -> 106.400 - 41.860 = 64.540 BBls
Estimated Daily Crude Oil Production -> 64.450/184 days = 350 Bopd
2HY BRENT Crude Oil average Price -> $43,62/Boe
I apply the same discoun price as in the 1st semester 2020 -> -$9,73/Boe
Estimated Ukrainian Crude Oil average price for 2nd semester 2020 -> $33,89/Boe
Estimated Oil/E&P Revenues 2HY2020 -> 2.187.261 Usd

Estimated Oil/E&P Revenues FY2020 -> $ 3.450.260

It's a conservative estimate.
I'd like to remember this - directly from HY2020 pag. 6:
'The Company has performed successful work-over on the Blazhiv-10 well with the replacement of the sucker rod pump.
Currently, all the four wells are producing with an average rate over 390 bpd as of 30 June 2020.'

Blazhiv Oil Field -> 4 Oil producing wells:

Blazhiv-10 -> 185-200 Bopd
Blazhiv-3 -> 125 Bopd (oper. udate 03/2018)
Blazhiv-1 -> 63 Bopd (oper. update 02/2018)
Blazhiv-Mon-3 -> 24 Bpd (oper. udate 05/2018)
_______________________
Blazhiv Field production 397-410 Bopd
maximum Crude Oil Prod. Yearly 127.000-146.000 Bls (Bpd range 350-400)
______________________________________

Thordon, I agree about NG trading segment (AstroInvest-Energy).
Ukrainian NG market is performing well (volume & prices), I would be surprised to see a negative result.
Imho, the minimum target is recovered the provision/impairment (>2 Usd MM) of the previous year.

______________________________________

Last but not least, the management didn't write nothing about Astrogas LLC and Pirkviska area. This case was won but challenged in appeals court by geonadra & others... 2nd feb 2021 was the day.
We will see...

ByeBye
BrumBrum

[thordon] 02/2/2021 21:27

Think you missed the point , production would of been nearly double if they had a full year in production which equates to $10 Million but was $5 Million.

Also we know as posted prior regarding the court outcome for this statement "The Company introduced a claim before Court to challenge the decision of State Geological Service of Ukraine for non-granting the Bitlyanska 20-year exploration and production license"

This case was won but challenged in appeals court

We also know that LLC AstroInvest-Energy is now making profit , they banked 7.5 Cubic meters of gas unsold due to low gas prices in 2019 and now have a set contract in 2020 to sell at agreed price which is higher then purchased price.

Then there the loan which broker believes is worth $20 million now if options are converted to Proger shares.

So shortcpx , do you research and every bit of information fills the gaps.


On a conservative basis the company is worth around £42 million but worth £7 Million

Also has $11 Million in the bank

[targatarga] 02/2/2021 10:46

Bring back Michelotti imho

[russman] 02/2/2021 09:45

no mention of the loan.

[itsriskythat] 02/2/2021 08:16

What hope is there the this pair of newcomers to the board have any plan and why can't they share it?

[itsriskythat] 02/2/2021 08:10

Based on that update, this company has no longer any reason to exist .. definitely not for private shareholders benefit.

[spangle93] 02/2/2021 07:12

Something in English



Naturally I'm delighted that no-one got hurt and that CO2 emissions were reduced.

But since they were impelled to issue a market update, they could have covered things that have been discussed here too.

[russman] 29/1/2021 08:11

Pretty meaningless without net profit figures.

[thordon] 28/1/2021 22:32

Cadogan convert those options to shares

[brumbrum79] 28/1/2021 22:02

Do you want to know Proger's 2020 financial data and forecasts for 2021-2022?


The Economics

In recent years, by offering integrated services in different sectors, Proger has managed to consolidate its role as a General Engineer able to adapt to the variability of demand through a multidisciplinary approach.

In 2020, the Italian SpA alone will show a turnover of around 83 million euros (compared to 89 million in 2019) and a Group turnover of around 130 million euros.

The slight decline recorded in 2020 (-7.3%) has been caused by the postponement of some orders to 2021-2022, due to the COVID-19 pandemic emergency.
Nevertheless, the company was called upon to play an essential strategic role to face this emergency by providing services in the health, energy, transport and logistics sectors, as well as procurement of medical equipment and devices.

Also for this reason – and for some recent acquisitions in the maintenance engineering sector – a strong increase in revenues is expected in the three-year period 2020-2022.
The turnover forecast of the Italian Spa alone stands at 128.7 million in 2021 and 130,6 million in 2022.

The compound annual growth rate (CAGR) is expected to be +13.8%.

The contribution margin will increase from the current 25.6 million to 39.9 million euros in 2021 and 41.1 million in 2022.

EBITDA will go from 8.6% (2020) to 15.5% in 2022.

Link informations: hxxp://www.proger.it/en/gli-economics/


Here you can find a presentation of Proger Spa & Proger Group, the Shareholders of Proger Spa and a Diagram of Proger Group:

hxxp://www.proger.it/en/la-societa/


What do You think?


____________________________________________________________________________________

For Cadogan's Management... This informations and forecasts data are available on the Proger Spa web site.

____________________________________________________________________________________

ByeBye

BrumBrum

[brumbrum79] 28/1/2021 21:54

Thordon good job!
I can agree with you, it's not easy to find informations on ukrainian administrative web site.

____________________________________________________________________________________

Now, Cadogan Petroleum is engaged in 3 legal battles in ukraine:
1) Astrogaz LLC -> against Geonadra Ukraine for Pirkivska license
2) Yusenko Nadra LLC -> against Geonadra Ukraine for Bytlianska license;
3) Astro-Energy LLC -> against Poltava Regional Taxes Office;

____________________________________________________________________________________

Ukrainian Natural Gas is always performing well.

UEEX – natural gas

Weighted average price on 28.01.2021 UAH
resource March 2021: 7.900,00
resource February 2021: 8.222,54
resource January 2021: 7.924,65

____________________________________________________________________________________

Proger Spa - some news about ITINERE Project:

1)
ECONOMY Monday 25 January at 14:53, updated Monday 25 January at 15:08
innovation
Mise approves agreement for wearable technologies Abruzzo-Sardinia
The project will be carried out at production sites in Abruzzo and Sardinia

Among the 16 Innovation Agreements signed by the Minister for Economic Development, Stefano Patuanelli, there is also the one for Wearable Technologies and Evolved Networks of Expert Relations concerning Sardinia.

This is the Itinere project presented by Proger S.p.A. together with other companies, to be carried out at production sites in Abruzzo and Sardinia. The total costs of the Life Sciences project amount to approximately EUR 8.1 million, of which EUR 2.2 million financed by Mise.

The total investments for the creation of innovative products and production processes envisaged for the 16 projects amount to approximately EUR 270 million, for which the Ministry has made available about EUR 70 million in subsidies.

"The agreements aim to foster the competitiveness of the territory and employment through investments by companies in production and research and development projects of significant technological impact," reads a note.


2)
From Ferrero to Vodafone, from Pirelli to STMicroelectronics: Patuanelli authorises 17 agreements for the development of innovative industrial projects
25 January 2021
Ferrero aims to double its production in Basilicata, Vodafone to create an IT platform to design radio base stations for a cellular network, Siman aims to create components for an innovative pleasure boat: seventeen are the projects in key 4.0 that have received funding for 70 million euros from the Ministry of Economic Development.

The fund was made available through the instruments of the Development Agreement (for the Ferrero project) and the Innovation Agreements (for the other sixteen); Minister Stefano Patuanelli signed the authorisation decrees to start the funding. In all, the projects are worth 270 million euros and involve the regions of Abruzzo, Basilicata, Emilia-Romagna, Lazio, Liguria, Lombardy, Marche, Piedmont, Apulia, Sardinia, Sicily and Veneto.
What are development and innovation agreements?

First of all, it should be remembered that the development agreement is an Invitalia procedure dedicated to large-scale projects: more than 50 million euros of investment, or at least 20 million if related to the processing of agricultural products. Being able to access it means having the possibility of obtaining funds through a fast track, with faster times and greater involvement of the public administrations involved. This procedure is adopted for programmes of particular strategic importance, i.e. if it has

Relevant to the paradigms of Industry 4.0;
a significant employment impact;
attractiveness for foreign investment.

Innovation agreements, on the other hand, are aimed at companies of any size, which have at least two approved budgets and are involved in:

industry
agro-industry
handicraft
industrial services
research activities

To access, projects can also be submitted in groups of up to five organisations through partnerships or other collective contractual forms. The measure is intended to finance industrial research or experimental development activities aimed at creating new processes, services or products or improving existing ones: it is essential that this be done using technologies included in the EU's Horizon 2020 programme.

The seventeen authorised projects

The project authorised by the Development Agreement concerns the doubling of production at the Ferrero Industriale Italia srl production site in Basilicata. The project involves the construction of a new line of innovative machinery.

The total costs of the project amount to approximately 86 million euros, of which 15 million euros are financed by the Ministry of Economic Development. The implementation of the programme will result in the employment of 68 workers.

The 16 research and development projects authorised under the Innovation Agreements are as follows:

Smart Radio Site Design & Managment by Vodafone Italia: a new IT platform for the design and management of the radio base stations of a cellular network, to be implemented at production sites in Lazio and Puglia. The total costs of the Intelligent Factory sector project amount to approximately EUR 12 million, of which EUR 2.6 million financed by the Ministry of Economic Development;
Smart Digital 4.0 of Pirelli Tyre S.p.A, to be implemented at production sites in Lombardy. Total project costs for the Intelligent Factory sector amount to about euro 11.6 million, of which euro 2.5 million financed by the Ministry of Economic Development;
Saturn - Smart mAnufacTURiNg by STMicroelectronics S.r.l. and other companies, to be implemented at production sites in Sicily. The total costs of the Intelligent Factory project amount to approximately 34.8 million euros, of which 11.8 million financed by the Ministry of Economic Development;
Fresia Spa presented a project on the study and development of innovative special vehicles for mainly airport use, to be built at its production sites in Liguria. The total costs of the Intelligent Factory sector project amount to approximately EUR 7.2 million, of which EUR 3.5 million funded by the Ministry of Economic Development;
Siman Srl presented a project for the study and development of new construction elements to be used mainly in the construction of an innovative pleasure boat, to be built at the production sites in Liguria. The total costs of the Intelligent Factory sector project amount to approximately €7.2 million, of which €3.4 million is funded by the Ministry of Economic Development;
Nav System Spa and other companies have presented a project on new product technologies, integrated and interconnected process, methods and services in the logic of Impresa 4.0 dedicated to the efficiency of the building in terms of energy, anti-seismic, safety, ergonomics, aesthetics and comfort. The plan is designed to be implemented in production sites in Emilia-Romagna. The total costs of the Intelligent Factory project amount to approximately 25.9 million euros, of which 9.1 million financed by the Ministry of Economic Development;
The development of ultra-low power and Edge-Computing architectures for wireless Smart Pads and innovative biaxial sensors made by screen printing are at the heart of the project presented by ITT Italia S.r.l., to be implemented at production sites in Piedmont. The total costs of the Intelligent Factory sector project amount to approximately EUR 11.5 million, of which EUR 2.6 million will be financed by the Ministry of Economic Development;
Eterail EcoStone by Breton: plants for the production of innovative lightened artificial stone slabs, made in double layer with recycled and natural materials from renewable sources, to be built at the Veneto production sites. The total costs of the Intelligent Factory sector project amount to approximately EUR 6.7 million, of which EUR 1.7 million financed by the Ministry of Economic Development;
Moving by Sitael: technologies, systems and devices for an intelligent and sustainable Bike Sharing system, to be implemented at production sites in Puglia. The total costs of the Intelligent Factory sector project amount to approximately EUR 5.8 million, of which EUR 1 million financed by the Ministry of Economic Development;
Conceria Pasubio has designed the study and development of advanced process technologies to ensure maximum product quality, efficient use of raw materials and high process sustainability, to be implemented in the Veneto production sites. The overall costs of the Intelligent Factory project amount to approximately 7.4 million euros, of which 1.8 million financed by the Ministry of Economic Development;
HP Composites aims at the study and development of a new competitive and sustainable generation of components in carbon fibre reinforced material with full demonstration on an intelligent and flexible automated pilot line, for production sites in the Marche region. The total costs of the Intelligent Factory sector project amount to approximately EUR 9.7 million, of which EUR 2.2 million are financed by the Ministry of Economic Development;


Itinere is the project of Proger Spa and other companies for innovation in wearable technologies and evolved networks of expert relations, to be implemented in the production sites of Abruzzo and Sardinia. The total costs of the Life Sciences project amount to approximately EUR 8.1 million, of which EUR 2.2 million are financed by the Ministry of Economic Development;


The S.A.R.A. project presented by Expleo Italia S.p.A., to be implemented in the Puglia production sites, aims at health and environmental reconversion. The total costs of the Life Sciences project amount to about 9.3 million euro, of which 2.9 million are financed by the Ministry of Economic Development;
Sicit Group aims at the study and development of innovative products derived from production waste for the agriculture of the future, to be implemented in production sites in Veneto. The total costs of the project in the Agrifood sector amount to about 12.2 million euro, of which 3 million are financed by the Ministry of Economic Development;
the Smart BI-UNI Knee project presented by Rejoint S.r.l., to be implemented in the Emilia-Romagna production sites. The total costs of the Life Sciences project amount to approximately 9.2 million euros, of which 3.7 million financed by the Ministry of Economic Development;
Costruzioni Meccaniche Luigi Bandera S.p.A. presented a project for a new anti-fog coating technology for large tarpaulins used in agricultural greenhouses, to be implemented at production sites in Lombardy. The total costs of the project in the Agrifood sector amount to approximately EUR 5.4 million, of which EUR 1.1 million is financed by the Ministry of Economic Development.

3)
Anti-covid fabrics, 100 thousand euros from the Council for the implementation in agreement with Abruzzo

The regional council has approved the outline of the Agreement for Innovation concerning the implementation of the Project "ITINERE: Innovation for Wearable Technologies and Evolved Networks of Expert Relations".

From Editorial Staff Cagliaripad - 8 January 2021

Intelligent fabrics can provide concrete help in the fight against Covid-19. The Regional Council, at the proposal of the Councillor for Planning and Budget Giuseppe Fasolino, has approved the outline of the Agreement for Innovation concerning the implementation of the Project "ITINERE: Innovation for Wearable Technologies and Evolved Networks of Expert Relations" presented by Proger S.p.A, allocating 102,000 euros of resources from the 14-2020 Unitary Programming, as part of the regional co-financing measures for project initiatives in which Sardinia participates in national procedures.

The outline of the agreement is signed between the MISE - Ministry of Economic Development, the Autonomous Region of Sardinia, the Abruzzo Region and Proger S.p.A - project leader, as well as Zte Italia s.r.l., Let's Webearable Solutions s.r.l., Iotron s.r.l. and Universita' degli Studi "G. D'annunzio" di Chieti-Pescara.

"Promoting research and innovation is the main tool for facing the future with concreteness. The synergy between institutions, research bodies and innovative start-ups is the way to put this into practice. We are co-financing this important innovative entrepreneurship project in order to contribute to having more and more useful tools to fight the terrible Covid-19 pandemic," commented the Councillor for the Budget, Giuseppe Fasolino. At the beginning of the Coronavirus pandemic," says the Councillor, "we saw how many established textile companies have converted to the production of textiles for personal protective equipment. The smart textiles market is a growing sector that Sardinia does not want to be excluded from. This measure is one of the incentives for research and development projects in the 'Agrifood', 'Intelligent Factory', 'Life Sciences' and 'High Performance Computing' sectors.

"The costs envisaged for the implementation of the research and development project amount to EUR 8,100,000," explains the Councillor, "while the maximum facilities that can be granted amount to EUR 2,448,000. The Region is contributing 102,000 euros, or 6% of the total cost of the project, as envisaged by the MISE. This is an essential contribution to the participation of our island in the new challenges imposed by technology and the market, which ensure the indispensable tools in the fight against the virus and which will find other applications in the future in the medical field as well as in others".

The project is the result of an innovative idea by Let's Webearable Solutions Srl, a company that has developed software for detecting bio-vital parameters (ECG and breath) by applying textile sensors to clothing through silk-screen printing on bioceramic fabrics. The sensors are capable of transmitting the data detected on the fabric in various conditions such as sporting activity, work and in the medical-health field, and through a monitoring system (developed, among others, in collaboration with the University of Cagliari) the software as a whole provides assistance to the end user.

"We are also proud," concludes the councillor, "to be collaborating with the Abruzzo Region on an innovation project. Interinstitutional dialogue must always be encouraged because it is essential for the country's development".

____________________________________________________________________________________

ByeBye

BrumBrum

[shortcpx] 26/1/2021 08:14

Link has Cyrillic script so here's the text: For one and a half years the Poltava regional council more than 70 times refused the coordination of licenses for development of subsoilEnergolife.info has long been monitoring the issue of issuing permits to oil companies to develop subsoil in Poltava region. However, for the last one and a half years deputies of the Poltava regional council approved only one permission, having issued at the same time more than 70 refusals. Our colleagues from Oilnews made a statistical analysis of the Poltava Regional Council in terms of approval of licenses. Since November 2015, deputies have met 15 times. "Gas issues" were raised at almost every session – mining companies do not lose hope of obtaining new permits to expand production. But each time deputies voted for refusals in coordination of permissions. The largest state-owned mining company, PJSC Ukrgazvydobuvannia, often applied for new permits, receiving the most rejections, as many as 58. The Arab Energy Alliance Yue was denied four times, driving the company's president, Raid Bu Hamsin, to despair. Astrogaz has been denied development of the Pirkivskoye field three times. Four more companies received one refusal each. So, in general, the picture is as follows: PJSC "Ukrgazvydobuvannya" – 58 failures. "Arab Energy Alliance Yue" – 4 refusals. Astrogaz – 3 refusals. Ukrnafta – 1 refusal. Quasar Energy – 1 refusal. Astroinvest-Energy – 1 refusal. "Ukrainian Drilling Company" – 1 refusal. Gosgeonadra – 4 refusals to put up for auction 4 squares (Mykhailivska, Andriivska, Zharkivska and Dubrovska squares). LLC "Arkona GAS-ENERGY" – 1 permit. The owners of the gas company, which still managed to get the coveted permit – Igor Mychko and Alexander Neschotny – became the only ones who agreed to the terms of the deputies and signed a social agreement for 800 thousand hryvnias, which they pledged to invest in the region. We will remind, deputies of the Poltava regional council since the end of 2015 took a principled position to refuse the coordination of permissions if the extractive enterprises besides payment of rent payments don't invest in the region under social agreements. Officials even determined the amount of the fee – 9 thousand hryvnias for each square kilometer. Not all producers agree to such conditions. Although, for example, the Arab Energy Alliance announced its readiness to make such concessions, it did not receive permission. If the mining companies and deputies of the regional council do not agree, new permits for subsoil development in Poltava region will not be agreed at least until the end of 2017. From January 1, 2018, the law ?3038 will come into force, according to which 5% of rent payments will remain in the regions and will go to their development. Information from EnergoLife.info: Hydrocarbon reserves of Poltava region – 370 billion tons of conventional fuel out of protected 928 billion tons, which is almost 40%; 98 subsoil use permits are used by 28 enterprises; Gadyatsky district is a leader in natural gas production (1.7 billion cubic meters); Poltava region produces more than 66% (from national production) of gas condensate, 44% – natural gas, 12% – crude oil; 13.8 billion in rent was accumulated in the state budget in 2016; After the entry into force of the law ?3038, according to estimates in 2016, more than 700 million hryvnias will remain in Poltava region.

[shortcpx] 26/1/2021 08:12

Sir we call these facilitation payments

[shortcpx] 26/1/2021 08:12

Seems they hate everyone if this article is to be believed

[targatarga] 26/1/2021 06:10

Beginning to look as if someone in power doesn't want Cadogan drilling there!

[thordon] 25/1/2021 21:12

Cadogan Petroleum had won there argument but the department of Sub soil has lodged a appeal.
Hence the 2nd February 2021.

Have to say the above taken some time to track down the case , if you log onto SIXTH ADMINISTRATIVE COURT OF APPEAL does not appear.

That may not be quite true as gave up after 10 pages trying to locate case , not user friendly.

Had to go through media logs

[targatarga] 25/1/2021 09:33

Wonder if brown envelopes are in play!

[russman] 25/1/2021 09:05

So next is 2nd Feb?

[thordon] 24/1/2021 22:00

SIXTH ADMINISTRATIVE COURT OF APPEAL

APPROVAL

SIXTH ADMINISTRATIVE COURT OF APPEAL Спр;а 640/12569/19

APPROVAL

January 19, 2021, Kyiv

The panel of judges of the Sixth Administrative Court of Appeal composed of:

presiding judge - Pylypenko OE

of judges - Glushchenko Ya.B. and Stepanyuk AG,

under the secretary - Vasilenko YA,

having considered in writing the issue of continuing consideration of the case on appeals of the Limited Liability Company Astrogaz, Limited Liability Company Naftogazsektupliatsiya, the State Service of Geology and Subsoil of Ukraine on the decision of the District Administrative Court of Kyiv from October 6, 2020 Limited Liability Company Astrogaz to the State Service of Geology and Subsoil of Ukraine, third parties: Limited Liability Company Naftogazsekspluatatsiya, Company Oyland Gez Eversiz Trading B.V. on the recognition of inaction illegal and the obligation to take action,

INSTALLATION:

In July 2019, the plaintiff - Limited Liability Company Astrogaz appealed to the District Administrative Court of Kyiv with an administrative claim to the State Service of Geology and Subsoil of Ukraine, third parties: Limited Liability Company Naftogazekspluatatsiya, Oy Land Gez Eversis Trading B.V. inaction illegal and the obligation to take action in which he requested:

- declare illegal the actions of the State Service of Geology and Subsoil of Ukraine to return the application of the Limited Liability Company Astrogaz dated 09.10.2018 №30 to obtain a special permit for subsoil use;

- to recognize illegal inaction of the State Service of Geology and Subsoil of Ukraine on non-adoption of a decision (order) on the application of the Limited Liability Company Astrogaz dated 09.10.2018 №30 to obtain a special permit for subsoil use;

- to oblige the State Service of Geology and Subsoil of Ukraine to consider the application of the Limited Liability Company Astrogaz dated 09.10.2018 №30 for obtaining a special permit for subsoil use on the merits with the adoption of the relevant decision (order);

- to oblige the State Service of Geology and Subsoil of Ukraine based on the results of consideration of the application of Astrogaz Limited Liability Company dated 09.10.2018 №30 to grant Astrogaz Limited Liability Company a special permit for subsoil use of Pirkiv oil and gas condensate field for geological study, including geological study -industrial development of fields, with the subsequent extraction of oil, gas (industrial development of fields).

By the decision of the District Administrative Court of Kyiv of October 6, 2020, the administrative claim was partially satisfied.

Disagreeing with the court decision, the Limited Liability Company Astrogaz, the Limited Liability Company Naftogazekspluatatsiya, the State Service of Geology and Subsoil of Ukraine filed appeals in which

Astrogaz Limited Liability Company requests the appellate court to overturn the appealed decision of the court of first instance and adopt a new decision to satisfy the administrative claim in full. Limited Liability Company Naftogazekspluatatsiya, State Service of Geology and Subsoil of Ukraine ask the appellate court to cancel the decision of the District Administrative Court of Kyiv from October 6, 2020 and issue a new decision to deny the claim in full.

On January 18, 2021, according to the stamp of the incoming correspondence of the court Vh. , given the complexity of the case, to prepare for the hearing, which was satisfied by the panel of judges.

In accordance with Part 4 of Art. 9 CAS of Ukraine, the court takes the measures prescribed by law, necessary to clarify all the circumstances of the case.

Part 2 of Art. 309 CAS of Ukraine provides that in exceptional cases, the appellate court at the request of the party and taking into account the peculiarities of the case may extend the term of the case, but not more than fifteen days, which decides.

Given the fact that to get acquainted with the case and prepare the relevant procedural documents, the representative of the plaintiff will need some time and taking into account the provisions of Part 2 of Art. 309 CAS of Ukraine, the panel of judges considers it necessary to extend the term of consideration of the case.

Guided by Art. Art. 9, 241, 242, 309, 311, 321, 325, 329 CAS of Ukraine panel of judges, -

U H V A L I L A:

Extend the term of consideration of the case.

The court hearing will take place on February 2, 2021 at 11:10, courtroom № 1.

The decision takes legal effect from the moment of its promulgation and is not subject to appeal.

Presiding Judge: OE Pilipenko

Judge: YB Glushchenko

AG Stepaniuk

Date of decision 01/19/2021
Registered 01/21/2021
Published 01/22/2021

[shortcpx] 21/1/2021 15:52

Very illiquid and low float. Small amounts can make this move albeit spread is horrendous. Can easily go the other way with any bad news.

[diesel] 21/1/2021 15:31

Hi, thanks for the posts, but still none the wiser, I guess there is something positive going on as the share price seems a bit perky!