REG - Cadogan Petroleum - Company Update
Released: 16/02/2010

 
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RNS Number : 2102H
Cadogan Petroleum PLC
16 February 2010 
 
16 February 2010 
 
Cadogan Petroleum PLC 
 
("Cadogan" or the "Company") 
 
Company Update 
 
Bitlyanska licence 
 
Cadogan is pleased to report that the Ministry of Environment of Ukraine has granted an extension to the Bitlyanska license
for a further five years. The license will now expire on 23 December 2014. The Bitlyanska license is located in western
Ukraine and is the permit on which the Borynya 3 well was drilled last year. As advised to shareholders on 12 October 2009
drilling of the Boryna 3 well was terminated at a depth of 5,325m for further evaluation. The well demonstrated that an
active hydrocarbons system is present over an extended interval having encountered several discrete gas bearing intervals
over which good quality logs and LWD data were obtained. This data is being evaluated pending further operations on the
well. 
 
Farm-out programme 
 
As part of the Company's strategic re-structuring, a farm-out program has been initiated on four of our licenses
(Bitlyanska, Pirkovskoe, Porkovskoe and Zagoryanska), through which Cadogan is seeking partners to take an equity interest
in these areas in return for contributing the future work programme. The farm-out process is being facilitated by
IndigoPool, who will assist the Company in the marketing and presentation of information on the licenses. Initial
indications of interest have already been received. 
 
Cancellation of share premium account 
 
Following the passing of a special resolution of members of the Company at a General Meeting held on 11 November 2009, the
High Court of Justice of England and Wales approved the cancellation of the Company's share premium accounts pursuant to a
court order dated 9 December 2009. Such court order was subsequently registered with the Registrar of Companies on 17
December 2009. 
 
Enquiries: 
 
Cadogan Petroleum PLC    +44 20 7245 0801 
 
Ian Baron 
 
Stefan Bort 
 
Pelham Bell Pottinger 
 
Evgeniy Chuikov                   +44 20 7337 1513 
 
Phillip Dennis                       +44 20 7337 1516 
 
This information is provided by RNS
The company news service from the London Stock Exchange