Cadogan cuts gross output 15% yoy, raises loss 22% yoy in 1H12

Cadogan Petroleum (CAD LN) announced a USD 7.1 mln loss in 1H12 vs. 5.8 mln seen in the same period of last year. The gross hydrocarbon production of the company’s four major licenses fell 15% yoy to 359 boepd in 1H12, while net output fell 43% yoy to 214 boepd as Cadogan has reduced its working interest in the Zagoryanska license after a transaction with Eni in 2H11.