EBRD Purchases 5.2% Stake In Cadogan Petroleum

European Bank for Reconstruction and Development (EBRD) announced yesterday that it had purchased a 5.2% stake in British-based Cadogan Petroleum and could possible increase that stake to 10%. According to the EBRD the funds from the purchase will be used to help Cadogan expand their natural gas extraction activities in Ukraine’s Poltava region. Cadogan Petroleum was established in 2004, and is involved in exploration and development of a number of oil & gas fields in Ukraine. Cadogan also recently announced that it had acquired 100% operating interest in the Canadian-Ukrainian joint venture group of companies, Momentum Energy, which operates two shallow gas fields in Western Ukraine.