Cadogan shareholders unanimously approve agreement with Eni

Cadogan Petroleum (LSE: CAD LN) held an EGM on June 16, 2011 where shareholders approved an agreement with Italy’s Eni whereby the latter will acquire a 30% interest in the Pokrovskoe licence, with an option to acquire a further 30% interest in the future, and a 60% interest in the Zagoryanska license. The initial consideration comprises funding a USD 30 mln work over program plus a USD 38 mln cash payment. If the program is successful, Eni will further pay Cadogan up to USD 90 mln. Antonina Davydenko: The shareholder decision comes as no surprise  since cooperation with a major oil company like Eni the best possibility for Cadogan to raise sufficient funds to start operations at its Pokrovske and Zagoryanske fields.