Cadogan exploring farming out assets, other partnerships

Cadogan Petroleum (CAD LN) said today in a release that it is actively working to return cash to shareholders, including exploring farming-out certain assets and other strategic partnerships. The company also announced that it was awaiting a date for a hearing over the control of its Pirkovska and Zagoranska licenses; it said the recent threat to annul or transfer five of its licenses on September 23 was not carried out on that date. Cadogan said that it had GBP 28 mln on cash balance as of September 30 and was engaged in a program to sell excess equipment. The company said it dramatically curtailed operation CapEx, which in the last quarter amounted to GBP 1.9 mln. Drilling at the company wells in Eastern Ukraine is currently suspended, with the exception of Pirkovska 1, which is on extended testing.