Cadogan Petroleum posts net loss of USD 5.9 mln in 1H11

Cadogan Petroleum (LSE: CAD LN) reported a net loss of USD 5.9 mln in 1H11 vs. net profit of USD 0.56 mln in 1H10, according to unaudited financials published on Thursday. Net revenues increased 3.3x up y-o-y to USD 4.4 mln. The total comprehensive loss for 1H11 was USD 8.3 mln vs. profit of USD 4.9 mln in 1H10. In June, Cadogan shareholders approved an agreement with Italy’s Eni whereby the latter will acquire a 30% interest in the Pokrovskoe licence, with an option to acquire a further 30% interest in the future, and a 60% interest in the Zagoryanska license.