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Antimonopoly Committee gives Eni permission to acquire Cadogan field interests

Antimonopoly Committee gives Eni permission to acquire Cadogan field interests

30 May 2011

The Antimonopoly Committee of Ukraine allowed Eni to acquire over 50% of the Pokrovske and Zagoryanske fields from Cadogan Petroleum (LSE: CAD LN), Interfax reported on Friday. The transaction still requires the approval of Cadogan’s shareholders; in a separate announcement on Friday, Cadogan said it would seek shareholder approval for the sale 60% of its Pokrovske and Zagoryanske fields to Eni at an EGM on June 16. Previously, in April, Cadogan said it reached a preliminary agreement with Eni to sell it a 30% interest in the Pokrovske field (with the option to acquire another 30% later on) and 60% of the Zagoryanske field. The initial consideration is comprised of funding a USD 30 mln work program and a USD 38 mln payment. If the program is successful, Eni would pay Cadogan up to another USD 90 mln. Antonina Davydenko:  We expect Cadogan shareholders to approve of the sale agreement since cooperation with a major oil company like Eni is the best possibility for Cadogan to raise sufficient funds to start operations at its Pokrovske and Zagoryanske fields.

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