Cadogan to invest USD 30 mln into Ukraine operations in 2011

Cadogan Petroleum (LSE: CAD LN) CEO Ihor Leonov said the company was planning to invest approximately USD 30 mln into its business in Ukraine in 2011, Interfax reported yesterday. According to the company’s website, the approved capital budget for 2011 amounts to USD 9.6 mln, mostly for well work-overs and appraisals, plus an additional budget of USD 21.7 mln contingent on the success of approved capital. Cadogan has assets in Western and Eastern Ukraine; 2p gas reserves amount to 12 Bcf. Concorde Capital: Cadogan’s readiness to invest comes as no surprise after the company settled major license challenges in October 2010. The company reported a profit of USD 88 mln in 1H10 versus a loss of around USD 25 mln in 1H09.