Cadogan says new court ruling does not affect its Pirkovskoe license

Yesterday Cadogan Petroleum (CAD LN) released a license update regarding a hearing of the Ukrainian Higher Administrative Court on Feb. 25. According to Cadogan, the court proceedings were not concerned with the legitimacy of the Pirkovskoe license held by Cadogan and the company continues to develop the field as the owner of the license. Cadogan said it was advised that new legal proceedings would need to be brought against Cadogan and be successful before its licenses could be affected. Cadogan said its position was supported by the Ministry of Environmental Protection and the Prosecutor’s Office. Cadogan’s share price is down 98% since July 2007 when the legitimacy of its licenses were first questioned in court.