1 July 2010
Cadogan Petroleum (LSE: CAD LN) released the statement made by Chairman Simon Duffy at its AGM yesterday outlining the following operating developments in Ukraine:
• Non-compliance allegations involving Cadogan’s Debeslavetska Field license in Western Ukraine were resolved with the Environmental Ministry and operations to be resumed in due course
• The company’s Monastreyetska license would be extended by another five years
• Cadogan completed testing at Zagoranska-3 and is expected to commence production on August 1. The field is expected to be put on stream at 50 ths m3 of gas, which will be produced into the trunk line for sales
• USD 16 mln in value has already been secured via a combination of cash received and obligations released as a result of the company’s litigation efforts against its former officers and related parties. A trial has been set for February 2011 in London and that the company has been advised of excellent prospects of success