Cadogan Petroleum moved back into profit in 2010, a year which saw its shareholders gave it a mandate to pursue operations in Ukraine. The oil group said it is well placed to develop its assets more aggressively.Pre-tax profits for the year totalled £531,000, against a deficit of £107.2m the previous year. Revenues from continuing operations rose to £3.25m from £2.34m.Cadagon says a recent partnership agreement over Ukrainian licences with Italian oil giant ENI represents a "turning point" for the company. Eni will initially acquire a 30% interest in the Pokrovskoe licence, with the option to acquire a further 30% interest in the future. Eni will also acquire a 60% interest in the Zagoryanska licence.License issues, one of the factors that hindered ENI's potential since its IPO in 2008, have now been resolved, the company said.---RG