Cadogan says government confirms its license rights

Cadogan Petroleum (CAD LN) said yesterday in a statement that it received a letter from the Ministry of Environmental Protection that confirmed its rights to special permits and licenses interests for five fields: Pirkovskoe, Zagoryanska, Bitlyanska, Monastyretske and Krasnoyilske. The letter said there were no grounds to invalidate or annul the licenses and that there were no doubts about their validity. Cadogan shares soared up 19% yesterday to 17.25 pence following the news.