Cadogan’s Pirkovske and Zagoryanske licenses upheld by courts

According to an announcement from Cadogan Petroleum (CAD LN: N/R), yesterday the Kharkiv Administrative Court of Appeals upheld the company’s rights to the licenses for the Pirkovske and Zagoryanske deposits. The court, in its ruling, recognized the appeal filed by Cadogan and cancelled lower decisions by the Poltava Regional Economic Court of June 17, 2008 that declared its licenses illegal and granted licenses to Nadra of Ukraine and Poltavanaftogazgeology. Earlier in the day yesterday, Cadogan announced that the Poltava Regional Administrative Court ruled on September 26 to grant a permanent injunction against the nullification of Cadogan’s licenses. Both rulings are subject to appeal. Yesterday in trading in London, Cadogan shares rose 11.9% to 103 pence.