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Cadogan says production at Pirkovskoe #1 well to commence in January

Cadogan says production at Pirkovskoe #1 well to commence in January

19 November 2008

This morning Cadogan Petroleum (CAD LN) released its interim management statement for the period from July 1, 2008 to date. Among other issues, the company said that its Pirkovskoe #1 well has been drilled to target depth and testing is in progress. The company expects production there to commence in January 2009. As of today, Cadogan said it had GBP 93 mln (USD 139 mln) of cash on its balance sheet. Cadogan also said that it has been informed that appeals have been filed with the Kharkiv Administrative Appeals Court in regards to its licenses of the Pirkovskoe and Zagoryanska licenses, though it had not yet received written confirmation.

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