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(Alliance News) - Oil & gas company Cadogan Petroleum PLC said Wednesday it has filed an application for a 20-year production licence on the Monastyretska onshore licence area in Ukraine.
The production licence to be applied for has been named Blazhiv field.
The application was filed with the State Geological Services of Ukraine five months ahead of the expiry date of the current licence, with is November 18.
Cadogan has already secured several approvals for the set of documents to be attached to the application, including the reserves report and the environmental impact assessment study, and the confirmation of no breaches within the exploration period.
"This is an important step towards stabilizing the future of our company in Ukraine. We have filed the application well ahead of the deadline in order to allow sufficient time for a seamless transition between the exploration and the production licenses," said Chief Executive Officer Guide Michelotti.
Shares in Cadogan Petroleum were up 1.1% at 8.09 pence on Wednesday.